Why Apple's Stock Is an Undeniable 'Buy' Right Now (Update 1)

NEW YORK (TheStreet) -- Apple (AAPL) has wildly underperformed other technology stocks of late, making the shares a bargain as the company enters the holiday-shopping season with a new iPhone, iPad mini and Mac laptops. That's what many Wall Street analysts are saying.

Over the past three months, Apple shares have lost 18.6%, compared to a loss of 7.3% for the technology benchmark Nasdaq. Year-to-date, the stock is up 38% vs. a gain of 11.5% for the Nasdaq.

Topeka Capital Markets analyst Brian White believes the recent under-performance might be over. He called the sell-off in Apple shares "insanely insane," given the valuation at which Apple shares are trading. According to White's calculations, Apple is trading at 7.6 times 2013 earnings, excluding cash.

"Those investors that have missed Apple or have been under-weight the stock, now have another opportunity to buy Apple before sentiment takes a turn for the positive during what has historically been the strongest quarter of the year for the stock," White wrote in his note. He has a buy rating on Apple with a $1,111 price target on the stock, the highest on Wall Street.