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The Apple news is dominating headlines. And rightly so. The size of its market cap (which is getting closer to Exxon’s) and its enormous sway in the broad market indexes aside, it is an iconic consumer brand. Not only is the stock widely owned, but so are the company’s products.

We all know about the fourth quarter results and the guidance for the current period. The earnings report seems to be confirming suspicions that many had started having in recent weeks and months that perhaps the company’s best days were behind it.

That may be true, but there is ‘Apple the company’ and ‘Apple the stock’. The two are obviously tied together. But even if ‘Apple the company’ is past its prime, that doesn’t mean we should stay away from ‘Apple the stock’ forever. But at what price point?

You have all heard the valuation spiel about Apple even when the stock was at $700 a few months back. The single digit earnings multiple, with or without backing out the enormous cash pile, is even more inviting now, with stock down more than 10%.

I will confess I am really tempted to pick some Apple shares at current levels. Am I alone in thinking like that or many of you are thinking along the same lines? If not, then at what price would you be interested in picking the stock?

Zacks Releases Their 7 Best Stocks for May, 2014

These 7 were hand-picked from the list of 220 Zacks Rank #1 Strong Buys with earnings estimate revisions that are sweeping upward. Their stock prices are expected to rise sooner than the others.

Today, this Special Report is available to new Zacks.com visitors free of charge.

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