Apple (AAPL) Shares Close at Two-Month Low

Apple (NASDAQ: AAPL) shares continued to tumble today, closing below $630 for the first time in two months. The stock has now fallen 10.5% since reaching an all-time high of $702 a share on September 19.

I doubt we’re seeing the demise of the world’s largest stock right before our eyes. Apple shares have been prone to steep declines before – even in the very recent past.

From April 9 to May 17, the stock plummeted from $636 a share to $530 a share – a drop-off of nearly 17%. By July, Apple shares were back up above $600.

A similar rebound occurred starting last Thanksgiving. The stock had been beaten for more than a month in the wake of Steve Jobs’ death, falling 14.5% from October 18 to November 25.

All Apple shares have done since is vault 75% even including its two recent dips.

What this recent slump has really done is make the stock a bit more affordable for the average investor. At less than 15 times trailing earnings, Apple is a bargain now – especially at a share price that’s closer to $600 than $700.

With a rumored iPad Mini set to be unveiled as early as this month and third-quarter earnings coming later this month, another quick turnaround could be in the offing.

Analysts are still very bullish on the stock – the median target price among 47 analysts polled by Thomson Reuters is $780. At least one analyst thinks the stock could rise above $1,000 a share.

Apple’s slide may not be over yet. But another comeback is likely.