Apple Hits New All-Time High
The Double Dip hasn’t hurt Apple ($AAPL) so much. The stock broke out to a new all-time high today. Shares of AAPL have been as high as $411.50 today (so far).
Two months ago, I looked at Apple’s valuation after its most-recent earnings report and found that the stock really can’t be called overpriced.
Since then, Apple had fallen to $353 by early August but it’s made back all it lost since then.
Wall Street currently thinks Apple will earn $27.53 per share for this fiscal year which ends in a few days. For FY 2012 (ending September one year from now), Wall Street expects earnings of $32.39.
The S&P 500 is expected to earn $108.39 from September 30, 2011 to September 30, 2012 which gives the index a forward P/E Ratio of 11.01 based on the current price.
Apple, by contrast, is going for 12.67 times forward earnings. That means that Apple is going for a 15% premium to the S&P 500 which seems very reasonable.
Posted by Eddy Elfenbein on September 19th, 2011 at 12:59 pm
The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.
Tickers: aapl
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