But given all that's happened, AAPL at $400 is a better deal than it may appear.
"It's obviously been hit, but it's bounced. It's held up," said Money Morning Capital Wave Strategist Shah Gilani. Pointing to the recent volatility in the markets, Gilani said, "The markets have been hit really hard and Apple has held up beautifully."
Now it's not likely that Apple stock will take off again like it did a few years ago and shoot up 100%.
But despite slowing sales of the iPhone, the company is still generating profits at the rate of about $40 billion a year and sports a P/E of less than 10. And it now has a dividend yield of about 3%.
The landscape may have changed for Apple over the past year, but it's certainly not the dead money that some believe it is.
In fact, Apple stock could very well be on the verge of a nice little ride to the upside, at least to $500 and maybe beyond.
There are several reasons to think that a rebound in Apple stock is in the offing.