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No. of Recommendations: 4
While it's certainly possible that AAPL may deserve a higher multiple if current/last-quarter trends continue well into the year, at a circa 24.4 PE it's well above it's year-ago PE of 13.9, and its average 3, 5 & 7 year PEs of 16.6, 14.9 & 14.5. And this is in the context of a high market valuation overall where AAPL is the single largest component of the S&P500. If there's any sort of correction in the near future AAPL would probably suffer, just due to ETF & S&P500 mutual fund selling.

And as commoncents pointed out, the medium-term profitability trend isn't great. And the last quarter's iPhone numbers could also be read in the context of a 2 or 3-year replacement cycle of some of its best-ever quarters - in that sense the iPhone 11 was a great offering, a very solid upgrade at a good price. The iPad & Mac struggled and continue to have issues, there are some natural caps on the Watch (it requires the iPhone for one) etc. There's also plenty of evidence that - especially software-wise - the current range of products is becoming a little unwieldy with the way Apple is structured (see say Six Colors report card ).

So given the overall market valuation, the role AAPL plays in the various indexes and that AAPL itself doesn't offer the value it did a year ago I'd suggest that some caution may be prudent. There may be better price/value for AAPL offered in the near-ish future.
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