Apple's stock surged 7.2 percent Monday, with one analyst calling a recent sell-off in shares of the iPhone and iPad maker "insanely insane."

Shares of Apple Inc. rose $38.05 to $565.73. Even with the gain, the stock is down about 20 percent from the record high of $705.10 that it hit in September.

Topeka Capital Markets analyst Brian White says the sell-off in the past eight weeks is overdone. He cites new "blockbuster" products for the holiday season — including the iPad Mini — as reasons for buying the stock.

Monday's increase was the biggest one-day gain since May 21, when the stock closed up 5.8 percent at $561.30.