With Apple expected to unveil an iPad mini tablet today, Wall Street is once again getting excited about the tech titan.
Shares of the Cupertino, Calif., company, which has dipped 13 percent in the month ended last Friday, shot up 4 percent yesterday after analysts said the sell-off created a ripe buying opportunity.
“The best time to buy Apple’s stock is amid periods of supply-centric concerns, and this time is no different,” Bill Shope of Goldman Sachs wrote in a note to clients.
Apple had lost more than $80 billion in value in the past month, since the company’s last major product launch, the iPhone 5.
The spike yesterday put Apple shares at $634.03.
The Apple share swoon has come while analysts have been revising downward their sales projections for last quarter. Wall Street now believes the company’s iPhone sales totaled in the mid-20 millions, not the high-20 millions.
Today, Apple is hosting an event where it will likely present a 7.8-inch iPad. Analysts are watching closely where Apple prices the device to see what effect it may have on profit margins — that is, if it will cannibalize sales of higher-margin gadgets.
There have been reports that Apple will call the new tablet the iPad Mini or iPad Air. Some Apple enthusiasts also hope for a 13-inch retina display Macbook.
The new iPad could be a competitor for the Google Nexus 7 and Kindle Fire HD, both 7-inch tablets that cost $200. Apple might not go so low in its pricing, however, and most analysts believe the price will come in between $250 and $300.