Apple Analysts Flag 'Major Buying Opportunity': Why The Recent Pullback Hasn't Derailed The Stock's Ride To $210

Apple Inc AAPL shares are down about 7% over the last month and one analyst firm sees a significant buying opportunity amid the pullback. 

What Happened: Tigress Financial Partners on Tuesday reiterated a Strong Buy rating on Apple. The firm also maintained a $210 price target on the stock despite its pullback in recent weeks.

"AAPL continues to upgrade and enhance its industry-leading product line as it drives greater revenue and profitability through its expanded Services, enabling it to continue to monetize its massive and loyal customer base," Tigress Financial analysts wrote in a note to clients.

The firm believes the recent pullback in Apple shares offers a "major buying opportunity."

Reports from last week indicated that Apple told suppliers to pull back on efforts to increase the iPhone 14 product family by as many as 6 million units in the back half of this year "after an anticipated surge in demand failed to materialize." The stock turned sharply lower on the news.

Tigress Financial analysts believe that investors should be more focused on revenue growth. The Cupertino-based company doesn't even report unit volumes anymore, the analysts added.

Tigress Financial noted that Apple is experiencing strong demand for its highest-priced iPhone 14 Pro models, which continue to outsell entry-level phones. Moreover, buyers of the more expensive iPhones are also better customers for ongoing Apple Services, which is a major driver of growth and profitability. 

The analysts also highlighted innovative product announcements from the company's "Far Out" event and noted that Apple has the balance sheet to continue to fund growth and strategic acquisitions.

"AAPL’s industry-leading position and strong brand equity, driven by its innovative ability and powerful cash generation, will continue to generate an increasing Return on Capital, driving ongoing Economic Profit growth and shareholder value creation," Tigress Financial analysts said.

See Also: Bulls and Bears Of The Week: Tesla, Apple, Meta And Why Michael Burry Says This Could Be Worse Than 2008

AAPL Price Action: Apple has a 52-week high of $182.94 and a 52-week low of $129.04.

The stock was up 1.42% at $144.49 Tuesday afternoon, according to Benzinga Pro.

Photo: courtesy of Apple.