Apple's "insane" sell off in shares has stunned many analysts and has led to shares in the company jumping by more than 7 percent on Monday.
Topeka Capital Markets analyst Brian White has called the two month sell off in shares as "insanely insane."
The shares had reached $705.10 on the same day that Apple released its next generation iPhone, the iPhone 5. However, since then the shares have been moving back to a more reasonable level, and more recently the shares have continued to plummet in value. Since September the shares have dropped by almost 21 percent, stunning some in the industry.
White from Topeka has called the sell of "insane" and believes that the huge stock plunge has been way overdone, which has turned many heads in the stock market.
White gave the example of the iPad Mini as a new "blockbuster" product that should inspire stock buyers for the holiday season. For that alone he suggested that it was worth buying stock in Apple.
The Topeka analyst also predicted that Apple's earnings per share could grow at a rate of anywhere between 20 to 30 percent per year, and maintain that growth rate for up to five years.
He explained his prediction as based on Apple's low market share in mobile phones and PCs, "combined with growth opportunities in tablets and new potential areas such as Apple TV."
Apple has dropped short of Wall Street's estimations for a second quarter in a row, which is the first time that has happened in more than a decade. The company had warned in October that the cost of production of its gadgets would cut into its profits in the holiday quarter.
White's comments did spark a huge gain in the shares, which were the largest one day gain for Apple since May 21.
Shares of Apple Inc. rose $38.05, or 7.2 percent, to close at $565.73 Monday. However, the gains only made a slight inroad into the losses experienced by the stock since September, and the shares remain about 20 percent down from the Sept. 21 high.