Apple Stock Hits All-Time High: Is the Tech Giant Too Extended?

Zacks12-24 00:26

Apple has regained the throne as the world’s most valuable company as the tech giant closes in on a historic $4 trillion market capitalization. Despite a lackluster start for the stock earlier this ...

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After a series of higher highs, Apple shares are now breaking out to new all-time highs in December as the iPhone maker benefits from continued strength in the large-cap tech space. The bullish theme around artificial intelligence certainly hasn’t hurt either.Following a better than 30% surge in 2024, is Apple stock now too far extended, or is the rally just getting underway?With more than two billion active devices globally, the big story this year has been the rise of Apple Intelligence. 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After a series of higher highs, Apple shares are now breaking out to new all-time highs in December as the iPhone maker benefits from continued strength in the large-cap tech space. The bullish theme around artificial intelligence certainly hasn’t hurt either.\nFollowing a better than 30% surge in 2024, is Apple stock now too far extended, or is the rally just getting underway?\nBuying at New All-Time Highs\nPurchasing stocks at new all-time highs has proven to be successful in the past. It’s the market’s way of telling us that higher prices are on the horizon.\nAnd when we analyze the state of the economy with a lower underlying trend in inflation, better-than-expected corporate earnings, and a resilient U.S. consumer, there’s plenty of reasons to suspect that the momentum can continue.\nThe major indices pulled back last week while volatility spiked to levels not seen since the early August sell-off. But Apple stock was undeterred, gliding through the volatility gracefully and even ending the week at an all-time high:\nImage Source: StockCharts\nThe fact that Apple shares witnessed limited selling last week signals heavy institutional buying pressure. Stocks that hold up best through periods of volatility tend to lead the charge once the general market resumes its uptrend.\nThe Business of Apple\nApple AAPL is engaged in the designing, manufacturing, and marketing of mobile communication and media devices, personal computers, and portable digital music players. Headquartered in Cupertino, California, Apple’s well-known products include the iPhone, iPad, Mac, and Apple TV, along with its software applications like iOS and the MAC OS X operating systems.\nIn addition to the sales generated from the devices mentioned above, Apple’s business contains a Services segment that includes revenues from cloud services, the App Store, Apple Music, AppleCare, Apple Pay, as well as other licensing services that have become a major cash cow. Apple currently has more than 1 billion paid subscribers across the Services portfolio.\nIf that all wasn’t enough, Apple dominates the Wearables market as consumers continue to adopt products like the AirPods and Apple Watch. Apple has made significant headway in this area, strengthening its presence in the personal health monitoring space. Other services include Apple News+, Apple Card, and Apple Arcade.\nWith more than two billion active devices globally, the big story this year has been the rise of Apple Intelligence. In a partnership with OpenAI, Apple’s newest iPhones seamlessly integrate ChatGPT, helping users write with enhanced language capabilities, create stunning images, and communicate with a more capable Siri. \nApple Stock – The Zacks Rundown\nApple is part of the Zacks Computer – Mini Computers industry, which currently ranks in the top 34% of all Zacks Ranked Industries. Because it is ranked in the top half of all industries, we expect this group to outperform the market over the next 3 to 6 months.\nHistorical research studies suggest that approximately half of a stock’s price appreciation is due to its industry grouping. In fact, the top 50% of Zacks Ranked Industries outperforms the bottom 50% by a factor of more than 2 to 1. By focusing on leading stocks within the top 50% of Zacks Ranked Industries, we can dramatically improve our stock-picking success.\nApple has exceeded earnings estimates in each of the past seven quarters. The company most recently delivered fiscal fourth-quarter earnings back in October of $1.64 per share, beating the $1.49/share Zacks Consensus Estimate by 10.1%. Apple delivered a trailing four-quarter average earnings surprise of 5.1%.\nApple is currently a Zacks Rank #3 (Hold) stock. The company is projected to see earnings grow another 10% in the current fiscal year on revenues of $412.8 billion. Given Apple’s history of beating estimates, it wouldn’t be too surprising if these figures ended up being a bit light.\nWhat to Do Now\nBuying stocks when they make new highs has proven to be profitable throughout history. A stock eclipsing a previous high should be viewed as a sign of strength. Apple appears to be breaking out of a multi-month consolidation pattern, bolstering the bullish case.\nThe market is telling us to expect the unexpected. A buoyant US consumer along with a bullish artificial intelligence theme have helped push tech stocks like AAPL back near previous highs. Make sure to keep an eye on this tech behemoth as the stock looks primed to end the year on a positive note.\nWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report\nApple Inc. (AAPL) : Free Stock Analysis Report\nTo read this article on Zacks.com click here.\nZacks Investment Research","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2493791391"}