Why Our Apple Stock Price Forecast Is Still Bullish Despite the Recent Fall (Nasdaq: AAPL)

The Apple stock price today (Tuesday) fell more than 3.2%, continuing AAPL stock's two-week skid. Apple stock has now posted a loss in 10 of the last 11 trading sessions.

And while many investors are panicking over the Apple stock price's drop, we're still maintaining a bullish Apple stock price forecast.

That's because the Apple stock price's drop is due to unrealistic Wall Street expectations.

Since July 20, shares of Apple Inc. (Nasdaq: AAPL) stock have fallen 11.6% to $114.57. Before the swoon, shares topped out at $132.97 each.

AppleDuring the Q3 earnings report on July 22, company officials announced that Apple sold 47.5 million iPhones in the quarter. That fell below the consensus estimate of 48.8 million.  Some even more bullish estimates put sales in the 52 million to 53 million range.

While iPhone sales fell short of expectations, both EPS and revenue beat estimates. EPS came in at $1.85, which topped a projection of $1.81. Revenue of $49.6 billion beat the $49.4 billion estimate.

The company grew profit by 38% year over year, even taking into account share buybacks.

Those weren't the only bullish figures. Apple reported that revenue in China grew 112%, with iPhone sales growing 87% there.

AAPL's cash pile also grew to $203 billion, even as the company returned $13 billion to shareholders.

Money Morning Capital Wave Strategist Shah Gilani said the Apple stock sell-off following earnings was "ridiculous."

Here's why he's still extremely bullish...

Why Our Apple Stock Price Forecast Calls for Big Gains Ahead

"I still love Apple stock. This is an opportunity to buy," Gilani said on FOX Business following the earnings report. "The only problem I saw in the earnings was a quarter-over-quarter sequential 23% drop in iPhone sales. That happens every year, there's nothing unusual there."

"The revenues are up 33%, the profits were up 38%, it's a cash-cow with $203 billion in cash," he continued. "This is the largest, most profitable company in the world. You have to own this company. This is a buying opportunity."

He's not the only one with a bullish Apple stock price forecast.

Money Morning Defense & Tech Specialist Michael A. Robinson has a price target of $200 by Labor Day 2016.

"Despite Wall Street's recent impact on the stock, you can count on Apple to build your net worth over the long haul," Robinson said. "And a good way to do that would be to buy on the kind of dip we're now seeing and add to your overall profits."

The Bottom Line: Our Apple stock price forecast remains bullish despite another day of losses from the stock. Apple is still suffering from overhyped expectations, even as it posts revenue and profit increases. This is an excellent time to purchase more shares of AAPL at discounted prices.

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