Apple's current share value is only marginally above that of the $4.3 billion cash on its balance sheet, the report claims. Its $4.3 billion cash reserves equate to about $11.74 per share – the company's shares are trading at $14.80 today. As such, the “stock should appeal to both value and growth investors”, Multex claims.
The report cites Merrill Lynch's Steve Fortuna, who expects a new round of hot products to appear in time for the holidays. Apple's iPod also comes in for praise, with the potential to bring up to $1 billion in sales to Apple's bottom line in the following year.
“New digital products, a new retail strategy, and a strong management team means this story has legs. Apple is positioned for growth in the coming years, even as the broader tech landscape continues to contract,” the report states.
The piece explains: "Apple's products and strategies are setting the stage for a strong multi-year growth spurt for the company. The built-in strength of the Mac for multimedia and graphics work, together with the expansion of broadband Internet services, could drive adoption of the platform."