The Bull Market Report ("BMR") has ridden Apple (AAPL) to huge gains over the last several year (up nearly 800% in two stints), having a cost basis near $60 after initially adding the stock to its Recommended List in March 2006.
Recently, though, the stock has been under pressure, falling from its highs of over $700. The question is has Apple lost its luster or is the stock now a screaming "Buy?"
In a special report published today, BMR looks at the reasons behind the sell-off, recent channel check data, the power of the Apple brand, potential catalysts and risks, and the stock's valuation.
Here is just a small sample from the report:
Concerns that Apple doesn't have any more blockbusters up its sleeve to drive future growth, especially since the death of Steve Jobs, is another common theme cited by Apple bears. We aren't convinced that is the case, but even if the much talked-about Apple TV, when it appears, isn't a game-changer, Apple has shown in the past it can maintain the pace growth with incremental product improvements. People forget that Apple didn't release a blockbuster new product every year even under Jobs.
The iPod was first introduced in 2001 and over the next couple of years Apple was able to drive sales through incremental enhancements, mostly in the area of increased memory that enabled the device to store more content, and extending the product line. The iTunes store also grew in terms of the number of songs and videos that were available. The iPod Shuffle and iPod Nano did not come along until 2005.
The iPhone first appeared in 2007, making it six years between its introduction and that of the iPod. ...
BMR also has recent coverage of a number of other tech stocks, including Cisco (CSCO), Qualcomm (QCOM), F5 Networks (FFIV), Google (GOOG), Baidu (BIDU), Facebook (FB), and many others.
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