The correction in AAPL from $233($1.1T market cap) to $145 ($690B market cap) has brought AAPL shares to a very reasonable valuation. Excluding the net cash position shares trade for 12 times forward earnings for a company that is the #1 in its industry and has no immediate risk of disruption.
The slowdown in sales and earnings due to impacts in China and risk due to US China trade war are now priced into the stock. If AAPL can show incremental innovation and show some growth in services and hold its ground in iPhone and iWatch sales we can expect a $200 share price and $900B valuation. Any innovation would imply additional upside.
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