Apple (AAPL - Get Report) ($571.50 vs. $560.91 on Nov. 21) rallied 1.9% between Tuesday's close and the close on Black Friday. Apple maintained its buy rating according to ValuEngine with a projected 12-month gain of 5.07%. Apple is thus on the cusp of a potential downgrade to hold. Apple's fair value is $621.17 so the stock is 8% undervalued. Apple's 12-month forward P/E from Wall Street analysts is favorable at 10.85.
The daily chart for Apple is positive with Friday's close above the 21-day SMA at $569.45. The 200-day SMA at $639.78 held on Nov. 16. This week's value level is $508.60 with my semiannual value level at $481.73, and the 200-day SMA at $597.82.
Chart Courtesy of Thomson/ReutersAt the time of publication the author held no positions in any of the stocks mentioned. Follow @Suttmeier This article is commentary by an independent contributor, separate from TheStreet's regular news coverage.