Sanford Bernstein analyst Toni Sacconaghi upgraded is rating for Appleis stock to Buy, calling the stock "overly discounted." Despite the current economic downturn in the U.S., he thinks the Mac and iPhone maker is well positioned to remain strong, according to MarketWatch.
"While short-term uncertainty persists, we believe that the stockis overall risk-reward is compelling at current levels," he said.
Appleis stock has been on a general downward slide over the past month, but by Friday afternoon appeared to have begun climbing back up -- at least for now. Oppenheimer analyst Yair Reiner added that he thinks Appleis stock has already hit the bottom and can now start rebounding.
Mr. Reiner Buy rating includes a US$135 target price for Appleis stock, down from his previous $175 target. Apple is currently trading at $102.24, up 5.44 (5.62%).<!--#include virtual="/includes/newsite/series/stockwatch.shtml"-->