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Apple Is Ripe for a Rally

In this yield-starved environment, stock investors are attracted to steady income. This would benefit Apple, except that like other former highfliers, it has been tossed out by investors. The iPhone giant’s shares have slid 6% this year and 21% over the past 12 months. While some of that is justified as iPhone sales have slowed, the selloff also looks overdone heading into Tuesday’s earnings report.

Apple at least has a low bar to hurdle. Analysts polled by FactSet estimate fiscal third-quarter earnings of $1.40 a share, down 24% from the same period a year ago. That estimate has...