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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 https://sixcolors.com/post/2020/01/apple-in-2019-the-six-col... ).

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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