Shares of Apple (NASDAQ:AAPL) have been on a tear this year. The stock is up an incredible 77% year to date. The market applauded the company’s rapid growth in services and wearables and its return to top- and bottom-line growth as it exited fiscal 2019.
But has the stock’s wild gain this year made shares no longer attractive? After all, Apple’s price-to-earnings ratio has risen from about 13 at the beginning of the year to nearly 24 now. Has the Street’s optimism for the tech company gone too far?
Here’s a close look at what’s behind Apple’s recent impressive execution — and why it’s not time to sell the tech stock yet. Shares may even still be worth buying.
Catalysts beyond iPhone
One of the primary reasons for the bullish run in Apple stock during 2019 likely has to do with the company’s growth outside of iPhone. With meaningful growth in every segment except iPhone, the company is showing investors that it may not be as dependent on its smartphone segment as it was in the past.
Though… Continue reading at The Motley Fool