After a seven-month run that took Apple shares to an all-time high in late September, the company’s stock plummeted more than 25% and touched new lows as 2012 drew to an end. According to Topeka Capital Markets analyst Brian White, Apple’s strong portfolio, a reversal of the negative news trend surrounding the company, and a fresh new iPhone 5S will help the stock rebound in 2013, and he maintains a Buy rating on Apple shares with a sky-high price target of $1,111. “Apple is our top overall pick for 2013,” White wrote in a note to investors on Wednesday that discussed Topeka’s stock picks moving into the new year. “With the 25% correction in Apple’s stock from the high in September, the stock is now trading at just 7.7x our CY13 EPS estimate (less cash) and the company’s portfolio has never been stronger, in our view.”
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