Apple’s (NASDAQ:AAPL) stock may just have come off its worst week in four years, but the company’s fundamentals remain strong and give reason for optimism, Piper Jaffray analyst Gene Munster told CNBC.
Why is Munster’s Optimism Standing Out in the Market Mood?
Apple has been swimming through trying times on the market over the last three months as the bears take charge of the stock price of the world’s most valuable company. It is now down more than 20 percent from record highs reached in September, and just over the last week, it fell 8.88 percent.
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Munster, a known Apple bull, is still not swayed. “I’m a fundamental analyst and did a lot of calls with investors today, and I feel like I got a master’s in technical analysis just based on an earful from investors, and that’s a big issue,” Munster said, conceding that continuing pessimism could put pressure on the stock price toward $500.
However, he insisted his $900 price target on the company’s stock still held true.