"Apple's stock has had a sharp decline in recent weeks, falling by almost 25% from full-time in October," writes Trefis Team and Great Speculations for Forbes. "The decline has largely been driven by reports that the company reduces production orders to iPhone XS, XS Max and XR, and doubts about the recording of the company's latest devices. While concerns are legitimate, it estimates that iPhone accounts for about two thirds of Apple's revenue, We believe Apple's inventory is still undervalued at today's level. "

"We expect Apple to see the message in the long run, driven by ASP, increasing," writes Trefis Team and Great Speculations. "Apple's margins can also be seen in the medium term because of several reasons. First, Apple has driven significant growth in its high-quality service … Separately, the company could also see some tailwinds in the short run due to falling semiconductor prices."

"Overall, Apple looks underestimated at the moment after the stock declines. The company is currently trading at a forward P / E of just 1

3x (under 12x adjusted for net cash) based on our FY 19 EPS projection of $ 13, 70 and today's market price of $ 177 per share from Tuesday's closed "Trefis Team and Great Speculations write. "Apple's aggressive buybacks of shares are another factor that will strengthen EPS growth, with the company spending more than $ 70 billion in FY 18 on repurchases."

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