While May saw Apple’s stock price fall 9% from its all-time high of $156.10, Wall Street analyst Brian White still believes this represents “yet another buying opportunity” with analysts and investors turning their attention to the unannounced, but widely leaked iPhone 8‘s release.

Expected to debut in September, the new phone could see big sales numbers for Apple.

MacRumors got its hands on a note by White in which he says that he believes Apple is still an under-appreciated stock, and that the iPhone 8 could represent a good investment opportunity.

In our view, Apple’s quarterly results will be less important this summer as investors are focused on the iPhone 8 this fall, along with the company’s raised capital distribution initiative, depressed valuation and new innovations as showcased at WWDC. We still believe Apple remains among the most underappreciated stocks in the world.

Most interesting is where White sees Apple’s stocks going in the future. The analyst added that the upcoming iPhone release represents an excellent chance for Apple to reach his $202 price target over the next 12 months. If that were to happen it would mean Apple would be valued as over a trillion dollar company based on market capitalization.

Apple’s current market capitalization is approximately $737 billion, which is not to be sniffed at.

Similar to the bottoming process in Apple during the summer of 2013 that drove a strong rally into the spring of 2015, we believe the bottom in the stock during May 2016 and the upcoming iPhone cycle is setting up Apple to reach our $202 price target over the next 12 months.

While all this sounds great for investors, Apple still has some way to go before this potential future can come to fruition – AAPL closed at $142.73 on Thursday.

(Source: MacRumors)

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