Apple stock looks less like a disaster and more like a buying opportunity

Despite the Nasdaq turning the slightest shade of green today, the price of Apple stock again dipped in afternoon trading.

Rich Smith for The Motley Fool.:

As of 2:30 p.m. ET, the Naz was up a fraction of 1% — but Apple stock was down 2.2%.
Don’t expect that to last very long.
Bank of America shaved $15 off of its price target on Apple stock this morning. Citing both supply chain and macroeconomic (i.e., inflation and interest rates) headwinds, BofA warned that Apple’s valuation multiple is getting compressed.
On the other hand, though, BofA also said that there are now 1.8 billion iPhones out there in the world, hinting that this huge “installed base” bodes well for sales of services, and of replacement iPhones, and of other Apple merchandise, going forward.
Bloomberg just reported that Apple’s augmented and virtual reality headset — still just rumored to be in development as recently as December — has now advanced to the point that Apple was able to present a prototype to its board of directors for review… With Apple shares down 24% since the start of the year, valued only about 10% above the average P/E ratio on the S&P 500, and pegged for 12% long-term earnings growth, buying Apple stock right before it introduces an exciting, brand new product category might not be the worst idea I’ve ever heard.

MacDailyNews Take: We’ll dream of sub-$120 Apple stock tonight.
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