Apple stock forecast: AAPL drops after all-time high
- AAPL fell below $180 on Tuesday.
- Apple stock reached a market valuation of $3 trillion on Monday.
- Dow up about 1% on Tuesday
Despite the Dow almost rising 1%, Apple (AAPL) shares are trading lower on Tuesday one day after making stock market history in the year's first session. Apple, the biggest US stock, began the year with a bang, breaking to an all-time high and momentarily eclipsing the $3 trillion market capitalization for the first time in US stock market history on Monday. At the time of writing, shares are trading at $179.75, down about 1.3%.
Apple Stock News: $3 trillion in the history books
Though it closed at $2.98 trillion on Monday, AAPL briefly broke the $3 trillion valuation when it hit a high of $182.88. This was the first time that has happened for any US public company. Microsoft (MSFT), its nearest competitor, is worth about $2.5 trillion.
AAPL key statistics
| Market Cap | $2.99 trillion |
| Price/Earnings | 32 |
| Price/Sales | 8 |
| Price/Book | 47 |
| Enterprise Value | $3.01 trillion |
| Operating Margin | 30% |
| Profit Margin |
26% |
| 52-week high | $182.90 |
| 52-week low | $116.21 |
| Short Interest | 1% |
| Average Wall Street Rating and Price Target | Buy, $175.76 |
Apple Stock Forecast: $200 remains the target
AAPL shares dropped more than 1.3% about 90 minutes into the Tuesday session. At the moment, the stock has bounced off $179.50, which also provided support on Monday. Further support sits at $177.50, as can be seen in the 15-minute chart below.
This may be just a pullback after an all-time high. Nothing to see here. Move along. FXStreet thinks the road to $200 is an almost certainty this year, although when is anyone's guess. Massive continuing share buybacks that remove about 1% of outstanding shares each quarter make this one a must-own by institutional investors, and its price-to-earnings ratio of 32 means its not yet expensive in comparison to other top stocks.
AAPL 15-minute chart
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Author
Clay Webster
FXStreet
Clay Webster grew up in the US outside Buffalo, New York and Lancaster, Pennsylvania. He began investing after college following the 2008 financial crisis.
