CUPERTINO, California ( TheStreet) -- Apple's (AAPL - Get Report) listless share price could present a gilt-edged buying buying opportunity for investors, according to Goldman Sachs, which says that recent concerns about the company's upside are overstated.
"We continue to believe the current valuation represents a remarkably attractive buying opportunity," explained Goldman analyst Bill Shope, in a note released on Monday. "We would be aggressive buyers of Apple's stock."
|Apple's current valuation presents an attractive buying opportunity, says Goldman Sachs.|
Apple shares have dipped more than 2% over the last three months, halting the phenomenal growth that has come to be associated with the company's shares. Investors have been spooked by a number of factors, including Apple's apparent decision to eschew its traditional June launch for the new iPhone 5, as well as recent iPad supply constraints.
Apple has given little indication of its iPhone 5 launch plans although it has confirmed that its June Worldwide Developers' Conference, typically the launch pad for new hardware, will focus on its iOS and Mac operating systems. Set against this backdrop, there has been speculation that the iPhone 5 may not appear until the fall.Goldman's Shope, however, thinks that investors should not lose too much sleep about this issue, particularly at a time when iPhone sales are going through the roof. "We believe iPhone demand remains robust without a refresh, and last quarter's sharp unit upside further supports this view," he wrote. "We believe a one-quarter delay