When it comes to trading tech stocks lately, an Apple a day has kept the buyers away.
Shares of the tech darling have fallen sharply in recent months, down nearly 20 percent from their late April high of around $134. But as the company is expected to release a new product cycle at an event on Sept. 9, one Apple bull is urging investors to use the selloff as a buying opportunity.
In mid-July, when Apple shares were trading just under $130, Ross called for the stock to rally as high as $160. After his call, the company's shares topped out around $132 and moved into a precipitous decline, finding a bottom at $92 roughly two weeks ago. "The stock overshot on this big flash crash that we had [Aug. 24]," added Ross. "This is an exaggerated move—like a bolt of lightning."
Ross compared the recent 30 percent decline from peak to trough to the one seen in late 2012 into early 2013. "The stock fell 40 plus percent during that time and that ultimately provided the best buying opportunity of the last 10 years in the stock," said Evercore ISI's head of technical analysis.
This time around Ross believes the stock could retest its key 200-day moving average that comes in around $120 and ultimately surpass its old high. That's a respective 9 and 20 percent move from current levels. Apple was around $110 in late-day trading Thursday.
Wall Street seems to be on board with Ross' call—of the 49 analysts who cover the stock, the average price target is $144.50 with an "overweight" rating, according to FactSet.
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