In recent weeks we’ve seen markets start to panic a little bit as a correction took hold and brought share prices markedly lower. While declining share prices might seem like a tragedy for some investors, it’s actually a great opportunity to pick up solid companies at bargain-basement prices. Tech giant Apple Inc. (NASDAQ:AAPL) is one such stock that deserves your consideration.

AAPL stock has already started to climb upward since it fell to nearly $150-per-share earlier this month, but you haven’t missed the boat yet.

Fellow InvestorPlace contributor Josh Enomoto sees Apple stock falling as low as $140 in the coming months, citing the company’s 2015 performance during the last market “flash crash.”

I don’t agree that AAPL has a marked decline on the horizon, but I do think the company has a lot of upside in the coming year that investors should take advantage of now.

At $167-per-share, AAPL stock is down nearly 6% from where it was a month ago, and investors will likely benefit in the year to come when the firm decides what to do with all of its excess cash.

Apple Stock and the Tax Rebate
We’ve all been talking about Apple’s massive, massive cash hoard for years and now that Trump is in office and his tax plan is taking effect, it looks like we’ll finally find out how AAPL will spend the influx of cash it will see once it repatriates its overseas earnings.

Apple’s management has been saying that it plans to eventually become “cash neutral,” something that analysts at UBS think could propel AAPL stock 30% higher in the years to come. Now that Apple can bring the $285.1 billion that it has been keeping abroad back to the states at a lower tax rate, most are expecting the firm to spend the majority of that extra money returning value to shareholders.

So far, Apple has been tight-lipped about plans for the cash, but an announcement regarding future plans is expected some time in April. There are several combinations in which Apple might choose to spend the money — from repurchasing 10% of its shares annually for the next four years to upping its dividend yield as well as carrying out some buybacks.

However, in either case, Apple stock is likely to rise in April when management gives investors more information about its plans for the cash.

AAPL Stock: Looking Longer-Term
Of course, AAPL stock will benefit from the new tax law for years to come; however, that’s not the only reason to add Apple to your portfolio. The firm has several growth catalysts on the horizon as well.

The iPhone has defined Apple over the past few years and for good reason — iPhone sales make up more than half of the firm’s revenue. For that reason, Apple’s slip with the iPhone X has been a troubling misstep for the company. Apple’s most recent earnings report proved the bears right — the demand for the iPhone X wasn’t as great as everyone thought it would be and Apple stock took a hit as a result.

However, it’s just not as bad as Mr. Market has made it out to be. Sure, iPhone X sales are below expectations, but those expectations were unreasonably lofty. The 10th anniversary phone was seen spurring on a “Super Cycle” that simply never materialized. AAPL stock didn’t live up to that hype, but it isn’t going under either.

Apple has a lot more going for itself outside of iPhones as well. The firm’s services arm has been growing exponentially, and many are predicting that Apple Music will overtake Spotify as the leading music streaming subscription service.

Apple has also seen its iPad business come back to life, and it’s foray into wearables with Apple Watch has been a huge success.

Apple has built an impressive ecosystem with a wide moat. People who own Apple products are likely to keep using Apple gear because switching costs are high.

The Bottom Line
The AAPL stock price has come down considerably in recent weeks, making it a much better buy than it was a few months ago. It’s price-to-earnings ratio of 16.37 leaves plenty of room for upside, especially when you consider that an announcement regarding its buyback plans is coming soon.

— Laura Hoy

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Source: Investor Place