On Wednesday, Apple Inc. (NASDAQ:AAPL) published a report saying that it expects five million iPhone pre-orders from China amid initial high demand for the iPhone 13. The South China Morning Post said Wednesday there had been at least five million iPhone 13 orders in the eight days since the Technology giant unveiled the smartphone. The news outlet also said Chinese e-commerce platform JD.com (HKG:09618) accounted for at least three million iPhone 13 pre-orders. Are you looking for fast-news, hot-tips and market analysis? Sign-up for the Invezz newsletter, today. Apple shares surged slightly by 1.25% following the report for a year-to-date gain of 12.22%. As a result, the stock is now up nearly 30% over the last 12 months, meaning it is still underperforming the S&P 500 Index, which is up 32.66%. The stock has also plunged more than 7% in the last two weeks amid rising China risk. Why buy Apple shares now? From an investment perspective, Apple’s recent share price decline of more than 7% has pushed its valuation multiple lower, making it an attractive investment opportunity for value investors. The stock now trades at a P/E ratio of 28.44 and a forward P/E of 25.08. Moreover, analysts expect the iPhone maker’s earnings per share to grow at an average annual rate of about 19.61% over the next five years. Therefore, the stock could still be a compelling option for growth investors as it continues to create more avenues for generating service revenue. Apple shares seem poised for a rebound Technically, the AAPL stock appears to have recently bounced off the trendline support line, just above the 100-day moving average. Moreover, the stock also seems to have recovered to avoid falling to the oversold conditions of the 14-day RSI. Therefore, with the company’s latest iPhone model gaining traction in China, this could catalyze a significant rebound. As a result, investors can target potential rebounds at $151.55 or higher at $156.92. On the other hand, if the stock price pulls back further, it could find support at $140.19 or lower at $134.95 Bottom line: now could be the time to buy AAPL shares In summary, Apple shares seem to have recently pulled back to create an attractive opportunity for a rebound. In addition, the stock trades at relatively attractive valuation multiples whilst also offering exciting growth prospects. Therefore, the recent pullback could be an opportunity to add a quality technology stock to your portfolio. Where to buy right now To invest simply and easily, users need a low-fee broker with a track record of reliability. The following brokers are highly rated, recognised worldwide, and safe to use: – Etoro, trusted by over 13m users worldwide. Register here > – Capital.com, simple, easy to use and regulated. Register here > Source: https://invezz.com/news/2021/09/22/should-you-invest-in-apple-stock-after-predicting-5m-iphone-pre-orders-in-china/