According to J.P. Morgan analyst Mark Moskowitz, Apple stock remains a strong buy and has “plenty of gas in the tank” for a continued increase in price, even with recent recent volatility.
In a note to clients early Tuesday, Moskowitz said he expects Apple to beat both his estimates and the Wall Street consensus when it reports its third quarter of fiscal 2011 results next week. He attributed the stock’s recent fluctuations to the change in investor expectations as a result of “iPhone 5 vs. iPhone 4-plus soothsaying and the speculation over iPad 2 shortages.”
According to the analyst, concerns of shortages are “overdone,” as the firm’s research indicates that “most Apple stores are fully sourced.” He also pointed to the recent shift in Apple’s lead times for the iPad 2 from 1-2 weeks to 3-5 days as evidence that the company’s supply woes have improved.
Source: iPad 2 sales rebound expected to show Apple stock still has ‘gas in the tank’
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