by , 10:05 AM EDT, October 13th, 2008

Sanford Bernstein analyst Toni Sacconaghi upgraded is rating for Apple's stock to Buy, calling the stock "overly discounted." Despite the current economic downturn in the U.S., he thinks the Mac and iPhone maker is well positioned to remain strong, according to MarketWatch.

"While short-term uncertainty persists, we believe that the stock's overall risk-reward is compelling at current levels," he said.

Apple's stock has been on a general downward slide over the past month, but by Friday afternoon appeared to have begun climbing back up -- at least for now. Oppenheimer analyst Yair Reiner added that he thinks Apple's stock has already hit the bottom and can now start rebounding.

Mr. Reiner Buy rating includes a US$135 target price for Apple's stock, down from his previous $175 target. Apple is currently trading at $102.24, up 5.44 (5.62%).