FORTUNE — Of all the sell-side analysts who have stuck their necks out on Apple (AAPL) — and with a mean price target or $667, there are plenty — none is further out on a limb than Topeka Capital’s Brian White. He set a 12-month target of $1,100 a share last April and hasn’t budged since.
On Thursday, with Apple’s shares trading as low as $541 — less than half White’s target — he took the occasion of his monthly “Apple Monitor” report to reassure his clients.
After noting that preliminary sales among Apple’s Taiwanese suppliers are up 29% from last year and 9% from last month — considerably higher than their average 2% monthly increase over the past seven years — he turned to the recent pressure on Apple’s stock price.
Take it for what it’s worth.