Surprise! Here’s why Apple may be a growth stock

Surprise! Here's why Apple may be a growth stock

It may be down 1% over the past month, but is Apple – once the most valuable company in the world – a growth stock?

Two investment banks say that Asia is now providing new growth opportunities for Apple. That's all thanks to the new iPhone.

Cowen & Company issued a report Monday morning saying they believe Wall Street is being too conservative with its iPhone sales estimates for the second half of 2013. They give Apple a $550 price target saying, "we continue to believe that Apple results have upside potential driven by solid iPhones numbers and better gross margins".

(Watch: How Apple has changed since Steve Jobs)

Jefferies Group analyst Peter Misek upgraded Apple from "hold" to "buy" after visiting Apple's Asian suppliers. He also raised his price target from $425 to $600. The stock traded around $491.50 per share Monday morning. But, as International Business Times points out, there was an entire page on the Cult of Mac blog dedicated to Misek's missed predictions posted in February (although they excoriated him for predicting the latest iPhones would be multicolored. Turns out he was right).

There's other good news from Apple today, too: According to AllThingsD, the SEC is ending its investigation of Apple's accounting practices and not taking action against the tech giant. Meanwhile, Wal-Mart and beleaguered RadioShack are slashing their iPhone 5c prices.

(Read more: SEC on Apple's taxes: Move along, nothing to see here)

What does the future have in store for Apple?

Taking a look at the fundamentals is John Stephenson, portfolio manager at First Asset Investment Management. He believes the Apple has a bigger profit pool than its competitors and things such as fingerprint authentication on the new iPhones prove the company can still innovate.

On the technical is Talking Numbers contributor Richard Ross, Global Technical Strategist at Auerbach Grayson. He sees a coil formation in Apple's charts that are pointing the stock to a dramatic upside move.

To hear Stephenson and Ross analyze Apple and why they are bullish, watch the video above.

More on Talking Numbers:

How this chart is a huge warning for the markets
Two years after Steve Jobs' passing, is Apple safe?
Dan Loeb doesn't like how these execs eat

Follow us on Twitter: @CNBCNumbers
Like us on Facebook: