The Nasdaq Composite index got off to a hot start to begin 2023. Before several technology companies reported earnings, investors were buying up shares as they sensed weakness in the market. Subsequently, many big tech companies echoed similar sentiment during earnings calls throughout February. Namely, while top-line revenue is still growing, the pace of this growth is slowing down.

Executives sense waning demand from both consumers and corporations as budgets are tightening and inflation lingers. Unsurprisingly, several companies issued underwhelming guidance, which led to large sell-offs. Sometimes when investors follow one another, particularly during times of fear or panic, stocks can become oversold and therefore undervalued.

One of the most respected technology research analysts on Wall Street is Wedbush Securities' Dan Ives. Late last week, he issued a report stating that Apple (NASDAQ: AAPL) stock could be a good buy at its current valuation. Let's dig into Apple's financials and analyze whether Ives' claims are justified.

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Source Fool.com