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Tuesday, October 02, 2012, 10:53 am PT (01:53 pm ET)

October is best month of the year to own Apple stock - report

Historically, October has been the strongest month for Apple stock, and one analyst believes that trend will continue in 2012.

Brian White with Topeka Capital Markets likened Apple to hall of fame baseball player Reggie Jackson with the nickname "Mr. October." He noted that over the past 9 years, October has been the best month of the year to own Apple stock.

Since 2003, AAPL stock has risen by an average of 10 percent month over month. The company only saw one October where its shares slid, in 2008.

White believes this October could be even better, with strong sales of the iPhone 5 and expected new opportunities, like the rumored "iPad mini."

"In our view, the recent pullback in the stock and rising chorus of investors and/or market pundits trying to call the top in Apple is another positive indicator that sentiment has shifted and the stock is preparing to make another big leg up," he wrote in a note to investors.

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White is particularly bullish on the new iPhone 5, which he said is seeing "overwhelming demand." He said that a typical iPhone launch has five phases, and Apple is only in phase two, which gives the company plenty more room to grow.

But beyond Apple's latest handset, he sees even more coming in what he called an "exciting period for Apple." That's expected to include the debut of an iPad mini this month, a new larger iPad model on the horizon in early 2013, and the likelihood of an iPhone 5 debuting with China Mobile, the largest carrier in the world.

Topeka Capital Markets has maintained a 12-month price target of $1,111 with a rating of "buy."