For investors, it may be safe to wade back into the Apple waters again.
That's according to Oppenheimer & Co. analyst Ittai Kidron, who believes that the recent pounding given to Apple's stock has been overdone, and that shares have a chance to rally back.
Apple's recent run hasn't exactly been magical. The company's stock is down about 20 percent from its peak in September, and there are plenty of concerns dogging the company.
Over the past few weeks, Apple has had to deal with fears that the profitability of its products is falling, that supply issues have limited its ability to sell its products, that its newly released
All of those concerns led one bond guru, Jeffrey Gundlach, the CEO and co-founder of investment firm Doubleline Capital,.
Despite his endorsement, Apple shares recently fell 2.6 percent to $543.69 in early trading today.
Kidron, however, believes that all of the negativity has already been factored into the stock, and actually sees shares rising to $620.
"We believe the sell-off is overdone and should correct," he said in a research note today. "We view $620 as an intermediate target as investors review the good fundamentals in light of the sharp pull-back."
A lot of the issues stemmed from Apple trying to launch too many products at once, likely straining its supply chain and its own resources.
"This was too much to digest in a short period for margins, but we see it leaving Apple strongly positioned heading into 2013 despite macro headwinds," he said.
Still, Kidron expressed some caution, noting that the macroeconomic environment would have to improve or Apple would have to start beating expectations again if the stock wants to rise past $620.
Updated at 7:11 a.m. PT: to include the updated stock movement.
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