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Apple stock (AAPL) dropped nearly 18% yesterday, reaching their lowest level in over a year. The tumble came after RBC Capital Markets analyst Mike Abramsky and Morgan Stanley analyst Kathryn Huberty each cut their ratings on Apple’s stock in anticipation of slower earnings growth for the current quarter and fiscal year. They believe the continuing downturn in the economy will see fewer consumers spending the premium for Macintosh computers, and will instead focus on the sub $1,000 PC market, which Apple currently avoids.

But, if you have plans to call your analyst today, it may be wiser to buy, than to sell, according to Computerworlds Seth Weintraub:

Many people will probably use this as a buying opportunity. Morgan Stanley’s analyst has a poor record on Apple predictions. RBC Capital’s is better but Apple prodigy Gene Munster at Piper says this might be a buying opportunity. Also, Apple hasn’t been this low in over a year and its international products are doing very well against its PC and Windows competitors. Hmm…

“Hmm…” indeed, as Apple stock is already back up 3.70% as of 10:57 a.m. EST.

The Los Angeles Times echoes Weintraub’s belief:

Apple might be better able to weather tough economic times than other consumer electronics companies such as Sony and even Best Buy, the giant consumer electronics retailer. Trends that have worked in Apple’s favor—the popularity of the Mac with high school and college students, the push into the corporate world and the opening of Apple stores internationally—will probably continue even in a downturn.

“They can’t continue to grow at the pace they have grown at, but they will continue to gain share,” said Andy Hargreaves of Pacific Crest Securities.

It’ll be interesting to see how this current economy and drop in stock price affects the rumored October Apple event, and whether we finally see those cheaper MacBooks.

Read [Computerworld and The Los Angeles Times]