Apple has dropped 20% since March to reach 10-month low. Is it time to buy?
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Apple (NASDAQ:AAPL) has dropped about 23% since late March, dragged down by general concerns about the economy and mounting macro headwinds, from COVID lockdowns in China to the ongoing conflict in Ukraine. The slide has brought the stock to its lowest level in more than 10 months.
Still, the computer and electronic device maker continues to execute on its fundamentals, delivering better-than-expected results. Meanwhile, a prominent analyst just increased his estimates for sales of the company's popular iPhone product. 
Has Apple become a buy, despite the continued market uncertainty?
Rising Macro Risks
Apple (AAPL) surged to an all-time peak of $182.94 in January, carried higher in the previous two years by pandemic demand and a general run-up in the stock market, which favored tech and megacap names. 
The stock lost ground with the rest of the market in early 2022 but staged a rally in late March that allowed it to approach its peak. AAPL reached a close of $178.96 on March 29. 
However, shares have steadily lost ground since, eventually retreating to an intraday low of $136.60 on Thursday -- its lowest level since the summer of 2021. The decline came amid general concerns about the consumer, which has put pressure on the overall stock market. 
For comparison, the S&P 500 has dropped about 15% since March 29. However, AAPL's decline has generally tracked those of the other megacaps. Microsoft (MSFT) and Google (GOOGL) have both fallen around 20% over that time. Meanwhile, Tesla (TSLA) and Amazon (AMZN) have both retreated more than 35%. 
At the same time, while Apple (AAPL) was falling, the firm reported relatively strong earnings results. In late April, the company announced quarterly earnings and revenue that beat analysts' expectations. The top-line figure rose nearly 9% from last year to reach $97.3B -- a total that topped analysts' consensus by $3.3B.
However, AAPL lost ground in the immediate aftermath of its earnings report. Despite the better-than-expected results, the company gave cautious commentary in its post-earnings conference call. 
CEO Tim Cook told analysts and investors that the firm was "not immune" to macro challenges, such as the COVID shutdowns in China and the war in Ukraine.
Is AAPL a Buy?
Even as Apple (AAPL) has continued to fall, many in the Wall Street community have remained bullish on its fundamentals. For instance, on Thursday, Bank of America analyst Wamsi Mohan increased his estimates for iPhone sales. 
However, Mohan acknowledged the tough stock market conditions in his note as well. The Bank of America analyst trimmed his price target for the stock, dropping the prediction to $200 from the previous level of $215.
Looking at the broader analyst community, a bullish outlook remains. Of the 45 analysts surveyed by Seeking Alpha, 28 have issued a Strong Buy rating, while seven have given a Buy recommendation. Nine analysts see the stock as a Hold. A single Wall Street expert has unveiled a Sell opinion.
Looking at quantitative measures, the outlook gets a little more cautious. Seeking Alpha's Quant Ratings give AAPL an A+ for profitability and an B+ for momentum. However, the stock gets a C- for growth and a dismal F for valuation.

For a closer look at the bearish case for AAPL, read a report from SA contributor Jonathan Weber, who advises care when approaching the stock because "there's a lot more downside risk." To get further details on the bullish view of AAPL's prospects, turn to fellow SA contributor Growth at a Good Price, who says they "bought the panic."