Apple Skeptic Says Stock ‘as Expensive as Ever’ After 2019 Rally
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Apple Inc. shares look “as expensive as ever,” according to Bernstein, which questioned a recent rally in the stock and cautioned that the company remains extremely reliant on “a single mature product” in the iPhone.
Shares of the company have gained more than 40% from a January low, as of their Wednesday close, taking the company back near a $1 trillion valuation. The stock fell as much as 2% in early trading Thursday and remains about 14% below its record high.