Summary: Apple has provided stellar returns in the past after launching a suite of products and services that created a “halo” effect for other parts of its business. But the substantial revenue growth enjoyed between 2009 and 2012 is unrepeatable. Markets are maturing for phone handsets and the recently launched Apple Watch and new iPhones are not revolutionary
Key take-out: I would not buy Apple at this time. There are other stocks with more upside from here. But it is a great company and owners of the stock have had good returns this year. I don’t expect a massive correction in its share price.