It seems that as Apple’s (NASDAQ:AAPL) stock drops lower, analysts become increasingly optimistic about its prospects. Following Apple’s scrape to the lowest prices in a year, Goldman Sachs (NYSE:GS) analysts have labeled the company’s shares as the most undervalued stock that the firm covers.

In a list of Goldman’s most undervalued holdings, Apple takes first place, followed by Halliburton (NYSE:HAL), Nabors Industries (NYSE:NBR), Alexion Pharmaceuticals (AXLN), and Intuitive Surgical (NASDAQ:ISRG), to round out the top five. Apple’s upside-to-target percentage of 49.5 led the list.

Goldman Sachs analyst Bill Shope on Tuesday said he still rates AAPL as a Buy. Even though other industry analysts are more cautious with their targets, Shope is sticking with a $660 target price.

This week, Citigroup (NYSE:C) and Barclay’s (NYSE:BCS) lowered their targets for Apple, to $500 and $530, respectively, erring more on the side of caution than their Goldman counterparts.

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