Apple Stock Will Struggle From Here, Analyst Cautions. Here’s Why._老虎社区_美港股上老虎

Apple Stock Will Struggle From Here, Analyst Cautions. Here’s Why.

Barrons2021-10-08

Trigger warning for Apple bulls: I’m about to address the case for caution on the stock. Bernstein analyst Toni Sacconaghi lays out the case in a research note on Thursday. He focus on the most basic ...

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165

Bull_Lion
·2021-10-09
Easy for this dude to make comments without having to back it up with any facts
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1
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Shooperman
·2021-10-09
Limited earning growth? Seriously? We’ve only seen the start of Apple Silicon, with many more following up next.And how can you compare Apple to FB and Google if you are the one to say that they are only financially similar to 20% of Apple’s services business? What about the other 80%? Thatbig chunk does nothing to justify Apple havinga bigger PE?
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- Shooperman:
  是作者说苹果的营收没有增长空间，我不同意，🍎的新M1系列晶片刚刚问世，在电脑、平面版、手机还有大把市场可以拿下。
  2021-10-09
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- PSG2010:
  These three companies are different in nature, so it's hard to compare
  2021-10-11
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- 纯天然绿色学渣:
  苹果的PE主要还是依赖与他的销售方面
  2021-10-09
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查看更多 2 条评论
Gaga71
·2021-10-09
Go Apple!
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1
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NG1970
·2021-10-08
New innovation coming
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2
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Caffiend
·2021-10-08
apple will come out with new products and services
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2
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CCCH
·2021-10-08
If Apple products selling well, don't have to worry , the price may up further
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3
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Jialatsia
·2021-10-08
Meep
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3
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Cartoon98
·2021-10-08
Well, I prefer they slow down their pace and thinkabout what they want their brand to represent in the future 10 years, the potential is still there.
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4
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ncp
·2021-10-08
srsly no one cares about analysts
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5
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- 手可摘棉花:
  I also say Lol
  2021-10-08
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- GuSen:
  👌🏻
  2021-10-08
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- xnubx:
  people will go in the opposite direction
  2021-10-09
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查看更多 1 条评论
LoneSurvivor
·2021-10-08
Struggle your lj la, dip a bit only then panic alry, don’t invest, just go fishing sua
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- ChanJiaRen:
  LOOL love your comment HAHAHA
  2021-10-08
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- LoneSurvivor:
  [Cool][Cool] all these FUD spreaders needs to get it
  2021-10-08
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- 手可摘棉花:
  [Happy][Happy][Happy][Happy][Happy]
  2021-10-08
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SaveHK
·2021-10-08
No worries every day/week/month/year someone will said Apple going down...but it become 1st Trillion Company in the world,💯👏🎉🎊🥳
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6
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NellyPembers
·2021-10-08
Got my one Apple share free so I’m happy 😂
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5
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- 小狮狮:
  👍🏻
  2021-10-08
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- zhen130:
  Good
  2021-10-08
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Idez
·2021-10-08
Miss the boat and trying to push it down? [Sweats] [Sweats]
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3
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DQ6
·2021-10-08
Apple need someone new to drive innovation. They are stagnant since steve jobs time. The only reason they still have profit is due to the brand and loyal customers. But that won't last too long unless bew product breakthrough happens.
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7
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Slowdownpok
·2021-10-08
Apple growth will be stagnant . They are trying best to promote their wearable products. I hope apple can come out different services to growth business.
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4
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koots
·2021-10-08
Ok
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1
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soosoo
·2021-10-08
oh no
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1
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449ff09a
·2021-10-08
R u so smart?
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4
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- Erikca:
  Ok
  2021-10-08
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CL777
·2021-10-08
$130 is coming
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6
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- gunsonfire:
  Nah
  2021-10-08
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- CL777:
  Yea
  2021-10-10
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Maybl
·2021-10-08
Good
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6
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Here’s Why.\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-10-08 09:35 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/apple-stock-price-rally-caution-51633620422?mod=hp_LATEST><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Trigger warning for Apple bulls: I’m about to address the case for caution on the stock.\nBernstein analyst Toni Sacconaghi lays out the case in a research note on Thursday. He focus on the most basic ...</p>\n\n<a href=\"https://www.barrons.com/articles/apple-stock-price-rally-caution-51633620422?mod=hp_LATEST\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"AAPL","symbol_name":"苹果","start_time":0,"source_url":"https://www.barrons.com/articles/apple-stock-price-rally-caution-51633620422?mod=hp_LATEST","article_id":"1192810083","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=1192810083","pubTimestamp":1633656904,"sourceInfo":{"source_id":"lsy1601382232898","name":"Barrons"},"weMediaInfo":null,"summary":"Trigger warning for Apple bulls: I’m about to address the case for caution on the stock.\nBernstein a","collect":0,"end_time":0,"defaultTopTitle":"barrons.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"AAPL":"苹果"},"translate_title":"分析师警告称，苹果的股票将从现在开始苦苦挣扎。原因如下。","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"AAPL":0.9},"content_text":"Trigger warning for Apple bulls: I’m about to address the case for caution on the stock.\nBernstein analyst Toni Sacconaghi lays out the case in a research note on Thursday. He focus on the most basic question for Apple (ticker:AAPL) shares: What can drive the stock higher from here?\nSacconaghi points out that Apple has re-rated over the last two years from a below-market multiple to one trading at a 24% premium to the market. Apple traded at a discount to the market from 2013 to 2019, he notes. Apple now trades at a forward P/E of 26 times, he writes, “elevated” relative to historic norms.\nThe analyst starts by reviewing the bull case for the stock. He notes that Apple fans say the company has a leverageable consumer brand that will allow Apple to both increase prices and enter new categories, like cars and artificial reality headsets.\nApple bulls see the installed base of 1.65 billion devices offering ample room to deliver new services, including advertising, and possibly even social media. Not least, Sacconaghi writes, bulls see potential for higher gross margins as services become a higher percentage of the company’s revenue mix, creating the potential for consistent double-digit per-share earnings growth.\nBut Sacconaghi counters that he sees limited room for earnings growth in the September 2022 fiscal year given a likely pullback in growth across the product line. His current model projects revenue for FY 2022 declining slightly from the current year.\nIn his view, the most likely source of further gains in Apple shares in the near term would have to come from further multiple expansion. He thinks that’s possible if the iPhone 13 cycle is stronger than expected, Apple sets an aggressive new goal on services revenue growth or begins offering its products as a service. (But he’s not betting on it.)\nSacconaghi also asserts that Apple’s current valuation is “relatively full,” trading inline to higher than other tech megacaps, in particular Facebook (FB) and Alphabet (GOOGL), which as he notes have both better expected growth rates and higher margins.\n“Looked at another way, close to 100% of revenue from Alphabet and Facebook have financial characteristics of Apple’s attractive services business,” which is about 20% of the company’s overall revenue, but Apple trades at a similar multiple to Alphabet and a premium to Facebook.\nSacconaghi thinks long-term Apple is likely to be a low-to-mid single digit grower. His view is that 70% of the revenue base – iPhone, Mac and iPad – are unlikely to show any long-term growth. He sees new products growth in the 15% range, and projects 15% growth for the services business, generating a blended long-term growth rate in the 4% to 5% range. 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Here’s Why.","url":"https://stock-news.laohu8.com/highlight/detail?id=1192810083","media":"Barrons","summary":"Trigger warning for Apple bulls: I’m about to address the case for caution on the stock.\nBernstein a","content":"<p>Trigger warning for Apple bulls: I’m about to address the case for caution on the stock.</p>\n<p>Bernstein analyst Toni Sacconaghi lays out the case in a research note on Thursday. He focus on the most basic question for&nbsp;Apple&nbsp;(ticker:AAPL) shares: What can drive the stock higher from here?</p>\n<p>Sacconaghi points out that Apple has re-rated over the last two years from a below-market multiple to one trading at a 24% premium to the market. Apple traded at a discount to the market from 2013 to 2019, he notes. Apple now trades at a forward P/E of 26 times, he writes, “elevated” relative to historic norms.</p>\n<p>The analyst starts by reviewing the bull case for the stock. He notes that Apple fans say the company has a leverageable consumer brand that will allow Apple to both increase prices and enter new categories, like cars and artificial reality headsets.</p>\n<p>Apple bulls see the installed base of 1.65 billion devices offering ample room to deliver new services, including advertising, and possibly even social media. Not least, Sacconaghi writes, bulls see potential for higher gross margins as services become a higher percentage of the company’s revenue mix, creating the potential for consistent double-digit per-share earnings growth.</p>\n<p>But Sacconaghi counters that he sees limited room for earnings growth in the September 2022 fiscal year given a likely pullback in growth across the product line. His current model projects revenue for FY 2022 declining slightly from the current year.</p>\n<p>In his view, the most likely source of further gains in Apple shares in the near term would have to come from further multiple expansion. He thinks that’s possible if the iPhone 13 cycle is stronger than expected, Apple sets an aggressive new goal on services revenue growth or begins offering its products as a service. (But he’s not betting on it.)</p>\n<p>Sacconaghi also asserts that Apple’s current valuation is “relatively full,” trading inline to higher than other tech megacaps, in particular&nbsp;Facebook&nbsp;(FB) and&nbsp;Alphabet&nbsp;(GOOGL), which as he notes have both better expected growth rates and higher margins.</p>\n<p>“Looked at another way, close to 100% of revenue from Alphabet and Facebook have financial characteristics of Apple’s attractive services business,” which is about 20% of the company’s overall revenue, but Apple trades at a similar multiple to Alphabet and a premium to Facebook.</p>\n<p>Sacconaghi thinks long-term Apple is likely to be a low-to-mid single digit grower. His view is that 70% of the revenue base – iPhone, Mac and iPad – are unlikely to show any long-term growth. He sees new products growth in the 15% range, and projects 15% growth for the services business, generating a blended long-term growth rate in the 4% to 5% range. (Note that as recently as FY 2019, Apple reported a slight revenue decline.)</p>\n<p>Concludes Sacconaghi: Given Apple’s relatively high valuation and the probability that tha the company will struggle to grow in fiscal 2022, the current risk-reward on the stock is “neutral to slightly negative.”</p>\n<p>Amid a broad market rally, Apple shares rose 0.9%, to $143.29.</p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Apple Stock Will Struggle From Here, Analyst Cautions. 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Here’s Why.\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-10-08 09:35 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/apple-stock-price-rally-caution-51633620422?mod=hp_LATEST><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Trigger warning for Apple bulls: I’m about to address the case for caution on the stock.\nBernstein analyst Toni Sacconaghi lays out the case in a research note on Thursday. He focus on the most basic ...</p>\n\n<a href=\"https://www.barrons.com/articles/apple-stock-price-rally-caution-51633620422?mod=hp_LATEST\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://www.barrons.com/articles/apple-stock-price-rally-caution-51633620422?mod=hp_LATEST","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1192810083","content_text":"Trigger warning for Apple bulls: I’m about to address the case for caution on the stock.\nBernstein analyst Toni Sacconaghi lays out the case in a research note on Thursday. He focus on the most basic question for Apple (ticker:AAPL) shares: What can drive the stock higher from here?\nSacconaghi points out that Apple has re-rated over the last two years from a below-market multiple to one trading at a 24% premium to the market. Apple traded at a discount to the market from 2013 to 2019, he notes. Apple now trades at a forward P/E of 26 times, he writes, “elevated” relative to historic norms.\nThe analyst starts by reviewing the bull case for the stock. He notes that Apple fans say the company has a leverageable consumer brand that will allow Apple to both increase prices and enter new categories, like cars and artificial reality headsets.\nApple bulls see the installed base of 1.65 billion devices offering ample room to deliver new services, including advertising, and possibly even social media. Not least, Sacconaghi writes, bulls see potential for higher gross margins as services become a higher percentage of the company’s revenue mix, creating the potential for consistent double-digit per-share earnings growth.\nBut Sacconaghi counters that he sees limited room for earnings growth in the September 2022 fiscal year given a likely pullback in growth across the product line. His current model projects revenue for FY 2022 declining slightly from the current year.\nIn his view, the most likely source of further gains in Apple shares in the near term would have to come from further multiple expansion. He thinks that’s possible if the iPhone 13 cycle is stronger than expected, Apple sets an aggressive new goal on services revenue growth or begins offering its products as a service. (But he’s not betting on it.)\nSacconaghi also asserts that Apple’s current valuation is “relatively full,” trading inline to higher than other tech megacaps, in particular Facebook (FB) and Alphabet (GOOGL), which as he notes have both better expected growth rates and higher margins.\n“Looked at another way, close to 100% of revenue from Alphabet and Facebook have financial characteristics of Apple’s attractive services business,” which is about 20% of the company’s overall revenue, but Apple trades at a similar multiple to Alphabet and a premium to Facebook.\nSacconaghi thinks long-term Apple is likely to be a low-to-mid single digit grower. His view is that 70% of the revenue base – iPhone, Mac and iPad – are unlikely to show any long-term growth. He sees new products growth in the 15% range, and projects 15% growth for the services business, generating a blended long-term growth rate in the 4% to 5% range. (Note that as recently as FY 2019, Apple reported a slight revenue decline.)\nConcludes Sacconaghi: Given Apple’s relatively high valuation and the probability that tha the company will struggle to grow in fiscal 2022, the current risk-reward on the stock is “neutral to slightly negative.”\nAmid a broad market rally, Apple shares rose 0.9%, to $143.29.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"},{"id":821201593,"gmtCreate":1633744567943,"gmtModify":1633746286475,"author":{"id":"4095728855608980","authorId":"4095728855608980","name":"Shooperman","avatar":"https://static.tigerbbs.com/3f6549ca27f88d454177bd03f058e086","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"4095728855608980","authorIdStr":"4095728855608980"},"htmlText":"Limited earning growth? Seriously? We’ve only seen the start of Apple Silicon, with many more following up next.And how can you compare Apple to FB and Google if you are the one to say that they are only financially similar to 20% of Apple’s services business? What about the other 80%? Thatbig chunk does nothing to justify Apple havinga bigger PE?","listText":"Limited earning growth? Seriously? We’ve only seen the start of Apple Silicon, with many more following up next.And how can you compare Apple to FB and Google if you are the one to say that they are only financially similar to 20% of Apple’s services business? What about the other 80%? Thatbig chunk does nothing to justify Apple havinga bigger PE?","text":"Limited earning growth? Seriously? We’ve only seen the start of Apple Silicon, with many more following up next.And how can you compare Apple to FB and Google if you are the one to say that they are only financially similar to 20% of Apple’s services business? What about the other 80%? Thatbig chunk does nothing to justify Apple havinga bigger PE?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":5,"repostSize":0,"link":"https://laohu8.com/post/821201593","repostId":1192810083,"repostType":4,"repost":{"id":"1192810083","pubTimestamp":1633656904,"share":"https://www.laohu8.com/m/news/1192810083?lang=&edition=full","pubTime":"2021-10-08 09:35","market":"us","language":"en","title":"Apple Stock Will Struggle From Here, Analyst Cautions. Here’s Why.","url":"https://stock-news.laohu8.com/highlight/detail?id=1192810083","media":"Barrons","summary":"Trigger warning for Apple bulls: I’m about to address the case for caution on the stock.\nBernstein a","content":"<p>Trigger warning for Apple bulls: I’m about to address the case for caution on the stock.</p>\n<p>Bernstein analyst Toni Sacconaghi lays out the case in a research note on Thursday. He focus on the most basic question for&nbsp;Apple&nbsp;(ticker:AAPL) shares: What can drive the stock higher from here?</p>\n<p>Sacconaghi points out that Apple has re-rated over the last two years from a below-market multiple to one trading at a 24% premium to the market. Apple traded at a discount to the market from 2013 to 2019, he notes. Apple now trades at a forward P/E of 26 times, he writes, “elevated” relative to historic norms.</p>\n<p>The analyst starts by reviewing the bull case for the stock. He notes that Apple fans say the company has a leverageable consumer brand that will allow Apple to both increase prices and enter new categories, like cars and artificial reality headsets.</p>\n<p>Apple bulls see the installed base of 1.65 billion devices offering ample room to deliver new services, including advertising, and possibly even social media. Not least, Sacconaghi writes, bulls see potential for higher gross margins as services become a higher percentage of the company’s revenue mix, creating the potential for consistent double-digit per-share earnings growth.</p>\n<p>But Sacconaghi counters that he sees limited room for earnings growth in the September 2022 fiscal year given a likely pullback in growth across the product line. His current model projects revenue for FY 2022 declining slightly from the current year.</p>\n<p>In his view, the most likely source of further gains in Apple shares in the near term would have to come from further multiple expansion. He thinks that’s possible if the iPhone 13 cycle is stronger than expected, Apple sets an aggressive new goal on services revenue growth or begins offering its products as a service. (But he’s not betting on it.)</p>\n<p>Sacconaghi also asserts that Apple’s current valuation is “relatively full,” trading inline to higher than other tech megacaps, in particular&nbsp;Facebook&nbsp;(FB) and&nbsp;Alphabet&nbsp;(GOOGL), which as he notes have both better expected growth rates and higher margins.</p>\n<p>“Looked at another way, close to 100% of revenue from Alphabet and Facebook have financial characteristics of Apple’s attractive services business,” which is about 20% of the company’s overall revenue, but Apple trades at a similar multiple to Alphabet and a premium to Facebook.</p>\n<p>Sacconaghi thinks long-term Apple is likely to be a low-to-mid single digit grower. His view is that 70% of the revenue base – iPhone, Mac and iPad – are unlikely to show any long-term growth. He sees new products growth in the 15% range, and projects 15% growth for the services business, generating a blended long-term growth rate in the 4% to 5% range. (Note that as recently as FY 2019, Apple reported a slight revenue decline.)</p>\n<p>Concludes Sacconaghi: Given Apple’s relatively high valuation and the probability that tha the company will struggle to grow in fiscal 2022, the current risk-reward on the stock is “neutral to slightly negative.”</p>\n<p>Amid a broad market rally, Apple shares rose 0.9%, to $143.29.</p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Apple Stock Will Struggle From Here, Analyst Cautions. Here’s Why.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nApple Stock Will Struggle From Here, Analyst Cautions. Here’s Why.\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-10-08 09:35 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/apple-stock-price-rally-caution-51633620422?mod=hp_LATEST><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Trigger warning for Apple bulls: I’m about to address the case for caution on the stock.\nBernstein analyst Toni Sacconaghi lays out the case in a research note on Thursday. He focus on the most basic ...</p>\n\n<a href=\"https://www.barrons.com/articles/apple-stock-price-rally-caution-51633620422?mod=hp_LATEST\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://www.barrons.com/articles/apple-stock-price-rally-caution-51633620422?mod=hp_LATEST","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1192810083","content_text":"Trigger warning for Apple bulls: I’m about to address the case for caution on the stock.\nBernstein analyst Toni Sacconaghi lays out the case in a research note on Thursday. He focus on the most basic question for Apple (ticker:AAPL) shares: What can drive the stock higher from here?\nSacconaghi points out that Apple has re-rated over the last two years from a below-market multiple to one trading at a 24% premium to the market. Apple traded at a discount to the market from 2013 to 2019, he notes. Apple now trades at a forward P/E of 26 times, he writes, “elevated” relative to historic norms.\nThe analyst starts by reviewing the bull case for the stock. He notes that Apple fans say the company has a leverageable consumer brand that will allow Apple to both increase prices and enter new categories, like cars and artificial reality headsets.\nApple bulls see the installed base of 1.65 billion devices offering ample room to deliver new services, including advertising, and possibly even social media. Not least, Sacconaghi writes, bulls see potential for higher gross margins as services become a higher percentage of the company’s revenue mix, creating the potential for consistent double-digit per-share earnings growth.\nBut Sacconaghi counters that he sees limited room for earnings growth in the September 2022 fiscal year given a likely pullback in growth across the product line. His current model projects revenue for FY 2022 declining slightly from the current year.\nIn his view, the most likely source of further gains in Apple shares in the near term would have to come from further multiple expansion. He thinks that’s possible if the iPhone 13 cycle is stronger than expected, Apple sets an aggressive new goal on services revenue growth or begins offering its products as a service. (But he’s not betting on it.)\nSacconaghi also asserts that Apple’s current valuation is “relatively full,” trading inline to higher than other tech megacaps, in particular Facebook (FB) and Alphabet (GOOGL), which as he notes have both better expected growth rates and higher margins.\n“Looked at another way, close to 100% of revenue from Alphabet and Facebook have financial characteristics of Apple’s attractive services business,” which is about 20% of the company’s overall revenue, but Apple trades at a similar multiple to Alphabet and a premium to Facebook.\nSacconaghi thinks long-term Apple is likely to be a low-to-mid single digit grower. His view is that 70% of the revenue base – iPhone, Mac and iPad – are unlikely to show any long-term growth. He sees new products growth in the 15% range, and projects 15% growth for the services business, generating a blended long-term growth rate in the 4% to 5% range. (Note that as recently as FY 2019, Apple reported a slight revenue decline.)\nConcludes Sacconaghi: Given Apple’s relatively high valuation and the probability that tha the company will struggle to grow in fiscal 2022, the current risk-reward on the stock is “neutral to slightly negative.”\nAmid a broad market rally, Apple shares rose 0.9%, to $143.29.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":6144180,"gmtCreate":1633787697067,"gmtModify":1634717714352,"authorId":4095728855608980,"author":{"id":4095728855608980,"idStr":"4095728855608980","authorId":4095728855608980,"name":"Shooperman","avatar":"https://static.tigerbbs.com/3f6549ca27f88d454177bd03f058e086","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":821201593,"type":1,"supId":6141518,"prevId":0,"content":"是作者说苹果的营收没有增长空间，我不同意，🍎的新M1系列晶片刚刚问世，在电脑、平面版、手机还有大把市场可以拿下。","text":"是作者说苹果的营收没有增长空间，我不同意，🍎的新M1系列晶片刚刚问世，在电脑、平面版、手机还有大把市场可以拿下。","html":"是作者说苹果的营收没有增长空间，我不同意，🍎的新M1系列晶片刚刚问世，在电脑、平面版、手机还有大把市场可以拿下。"},{"id":6163817,"gmtCreate":1633961981003,"gmtModify":1633961981003,"authorId":3479274775305388,"author":{"id":3479274775305388,"idStr":"3479274775305388","authorId":3479274775305388,"name":"PSG2010","avatar":"https://static.tigerbbs.com/541f6f2cb8479fb86a8d8ef23f482196","vip":8,"crmLevel":1,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":821201593,"type":1,"supId":0,"prevId":0,"content":"These three companies are different in nature, so it's hard to compare","text":"These three companies are different in nature, so it's hard to compare","html":"These three companies are different in nature, so it's hard to compare"},{"id":6142286,"gmtCreate":1633769349235,"gmtModify":1633769349235,"authorId":3479274703284436,"author":{"id":3479274703284436,"idStr":"3479274703284436","authorId":3479274703284436,"name":"纯天然绿色学渣","avatar":"https://static.tigerbbs.com/9dc28887a53f3e3459540639cff63b44","vip":8,"crmLevel":1,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":821201593,"type":1,"supId":0,"prevId":0,"content":"苹果的PE主要还是依赖与他的销售方面","text":"苹果的PE主要还是依赖与他的销售方面","html":"苹果的PE主要还是依赖与他的销售方面"},{"id":6142280,"gmtCreate":1633769267672,"gmtModify":1633769267672,"authorId":3479274789332061,"author":{"id":3479274789332061,"idStr":"3479274789332061","authorId":3479274789332061,"name":"东营天地人和","avatar":"https://static.tigerbbs.com/5085eb698e32f93414f5f47622156f8d","vip":8,"crmLevel":1,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":821201593,"type":1,"supId":0,"prevId":0,"content":"这三家公司本质上不同的，很难单方面的做出比较","text":"这三家公司本质上不同的，很难单方面的做出比较","html":"这三家公司本质上不同的，很难单方面的做出比较"},{"id":6141518,"gmtCreate":1633762289970,"gmtModify":1633762289970,"authorId":3479274710327383,"author":{"id":3479274710327383,"idStr":"3479274710327383","authorId":3479274710327383,"name":"李苗苗","avatar":"https://static.laohu8.com/picture41","vip":8,"crmLevel":1,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":821201593,"type":1,"supId":0,"prevId":0,"content":"为什么要限制营收增长速度呢？请问有更详细的消息分享一下吗？看着不是很明白~","text":"为什么要限制营收增长速度呢？请问有更详细的消息分享一下吗？看着不是很明白~","html":"为什么要限制营收增长速度呢？请问有更详细的消息分享一下吗？看着不是很明白~"}],"langContent":"CN"},{"id":821844551,"gmtCreate":1633735675414,"gmtModify":1633735677676,"author":{"id":"3579082097230100","authorId":"3579082097230100","name":"Gaga71","avatar":"https://static.tigerbbs.com/02afa88b95dc30f4a60767c18f9e2f39","vip":1,"crmLevel":7,"crmLevelSwitch":0,"idStr":"3579082097230100","authorIdStr":"3579082097230100"},"htmlText":"Go Apple!","listText":"Go Apple!","text":"Go Apple!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/821844551","repostId":1192810083,"repostType":4,"repost":{"id":"1192810083","pubTimestamp":1633656904,"share":"https://www.laohu8.com/m/news/1192810083?lang=&edition=full","pubTime":"2021-10-08 09:35","market":"us","language":"en","title":"Apple Stock Will Struggle From Here, Analyst Cautions. Here’s Why.","url":"https://stock-news.laohu8.com/highlight/detail?id=1192810083","media":"Barrons","summary":"Trigger warning for Apple bulls: I’m about to address the case for caution on the stock.\nBernstein a","content":"<p>Trigger warning for Apple bulls: I’m about to address the case for caution on the stock.</p>\n<p>Bernstein analyst Toni Sacconaghi lays out the case in a research note on Thursday. He focus on the most basic question for&nbsp;Apple&nbsp;(ticker:AAPL) shares: What can drive the stock higher from here?</p>\n<p>Sacconaghi points out that Apple has re-rated over the last two years from a below-market multiple to one trading at a 24% premium to the market. Apple traded at a discount to the market from 2013 to 2019, he notes. Apple now trades at a forward P/E of 26 times, he writes, “elevated” relative to historic norms.</p>\n<p>The analyst starts by reviewing the bull case for the stock. He notes that Apple fans say the company has a leverageable consumer brand that will allow Apple to both increase prices and enter new categories, like cars and artificial reality headsets.</p>\n<p>Apple bulls see the installed base of 1.65 billion devices offering ample room to deliver new services, including advertising, and possibly even social media. Not least, Sacconaghi writes, bulls see potential for higher gross margins as services become a higher percentage of the company’s revenue mix, creating the potential for consistent double-digit per-share earnings growth.</p>\n<p>But Sacconaghi counters that he sees limited room for earnings growth in the September 2022 fiscal year given a likely pullback in growth across the product line. His current model projects revenue for FY 2022 declining slightly from the current year.</p>\n<p>In his view, the most likely source of further gains in Apple shares in the near term would have to come from further multiple expansion. He thinks that’s possible if the iPhone 13 cycle is stronger than expected, Apple sets an aggressive new goal on services revenue growth or begins offering its products as a service. (But he’s not betting on it.)</p>\n<p>Sacconaghi also asserts that Apple’s current valuation is “relatively full,” trading inline to higher than other tech megacaps, in particular&nbsp;Facebook&nbsp;(FB) and&nbsp;Alphabet&nbsp;(GOOGL), which as he notes have both better expected growth rates and higher margins.</p>\n<p>“Looked at another way, close to 100% of revenue from Alphabet and Facebook have financial characteristics of Apple’s attractive services business,” which is about 20% of the company’s overall revenue, but Apple trades at a similar multiple to Alphabet and a premium to Facebook.</p>\n<p>Sacconaghi thinks long-term Apple is likely to be a low-to-mid single digit grower. His view is that 70% of the revenue base – iPhone, Mac and iPad – are unlikely to show any long-term growth. He sees new products growth in the 15% range, and projects 15% growth for the services business, generating a blended long-term growth rate in the 4% to 5% range. (Note that as recently as FY 2019, Apple reported a slight revenue decline.)</p>\n<p>Concludes Sacconaghi: Given Apple’s relatively high valuation and the probability that tha the company will struggle to grow in fiscal 2022, the current risk-reward on the stock is “neutral to slightly negative.”</p>\n<p>Amid a broad market rally, Apple shares rose 0.9%, to $143.29.</p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Apple Stock Will Struggle From Here, Analyst Cautions. Here’s Why.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nApple Stock Will Struggle From Here, Analyst Cautions. Here’s Why.\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-10-08 09:35 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/apple-stock-price-rally-caution-51633620422?mod=hp_LATEST><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Trigger warning for Apple bulls: I’m about to address the case for caution on the stock.\nBernstein analyst Toni Sacconaghi lays out the case in a research note on Thursday. He focus on the most basic ...</p>\n\n<a href=\"https://www.barrons.com/articles/apple-stock-price-rally-caution-51633620422?mod=hp_LATEST\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://www.barrons.com/articles/apple-stock-price-rally-caution-51633620422?mod=hp_LATEST","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1192810083","content_text":"Trigger warning for Apple bulls: I’m about to address the case for caution on the stock.\nBernstein analyst Toni Sacconaghi lays out the case in a research note on Thursday. He focus on the most basic question for Apple (ticker:AAPL) shares: What can drive the stock higher from here?\nSacconaghi points out that Apple has re-rated over the last two years from a below-market multiple to one trading at a 24% premium to the market. Apple traded at a discount to the market from 2013 to 2019, he notes. Apple now trades at a forward P/E of 26 times, he writes, “elevated” relative to historic norms.\nThe analyst starts by reviewing the bull case for the stock. He notes that Apple fans say the company has a leverageable consumer brand that will allow Apple to both increase prices and enter new categories, like cars and artificial reality headsets.\nApple bulls see the installed base of 1.65 billion devices offering ample room to deliver new services, including advertising, and possibly even social media. Not least, Sacconaghi writes, bulls see potential for higher gross margins as services become a higher percentage of the company’s revenue mix, creating the potential for consistent double-digit per-share earnings growth.\nBut Sacconaghi counters that he sees limited room for earnings growth in the September 2022 fiscal year given a likely pullback in growth across the product line. His current model projects revenue for FY 2022 declining slightly from the current year.\nIn his view, the most likely source of further gains in Apple shares in the near term would have to come from further multiple expansion. He thinks that’s possible if the iPhone 13 cycle is stronger than expected, Apple sets an aggressive new goal on services revenue growth or begins offering its products as a service. (But he’s not betting on it.)\nSacconaghi also asserts that Apple’s current valuation is “relatively full,” trading inline to higher than other tech megacaps, in particular Facebook (FB) and Alphabet (GOOGL), which as he notes have both better expected growth rates and higher margins.\n“Looked at another way, close to 100% of revenue from Alphabet and Facebook have financial characteristics of Apple’s attractive services business,” which is about 20% of the company’s overall revenue, but Apple trades at a similar multiple to Alphabet and a premium to Facebook.\nSacconaghi thinks long-term Apple is likely to be a low-to-mid single digit grower. His view is that 70% of the revenue base – iPhone, Mac and iPad – are unlikely to show any long-term growth. He sees new products growth in the 15% range, and projects 15% growth for the services business, generating a blended long-term growth rate in the 4% to 5% range. (Note that as recently as FY 2019, Apple reported a slight revenue decline.)\nConcludes Sacconaghi: Given Apple’s relatively high valuation and the probability that tha the company will struggle to grow in fiscal 2022, the current risk-reward on the stock is “neutral to slightly negative.”\nAmid a broad market rally, Apple shares rose 0.9%, to $143.29.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"},{"id":821183462,"gmtCreate":1633705419298,"gmtModify":1633705419403,"author":{"id":"4094271228114110","authorId":"4094271228114110","name":"NG1970","avatar":"https://static.tigerbbs.com/a6cddc817b4e919217e1b8d46fbad4ac","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"4094271228114110","authorIdStr":"4094271228114110"},"htmlText":"New innovation coming","listText":"New innovation coming","text":"New innovation coming","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/821183462","repostId":1192810083,"repostType":2,"repost":{"id":"1192810083","pubTimestamp":1633656904,"share":"https://www.laohu8.com/m/news/1192810083?lang=&edition=full","pubTime":"2021-10-08 09:35","market":"us","language":"en","title":"Apple Stock Will Struggle From Here, Analyst Cautions. Here’s Why.","url":"https://stock-news.laohu8.com/highlight/detail?id=1192810083","media":"Barrons","summary":"Trigger warning for Apple bulls: I’m about to address the case for caution on the stock.\nBernstein a","content":"<p>Trigger warning for Apple bulls: I’m about to address the case for caution on the stock.</p>\n<p>Bernstein analyst Toni Sacconaghi lays out the case in a research note on Thursday. He focus on the most basic question for&nbsp;Apple&nbsp;(ticker:AAPL) shares: What can drive the stock higher from here?</p>\n<p>Sacconaghi points out that Apple has re-rated over the last two years from a below-market multiple to one trading at a 24% premium to the market. Apple traded at a discount to the market from 2013 to 2019, he notes. Apple now trades at a forward P/E of 26 times, he writes, “elevated” relative to historic norms.</p>\n<p>The analyst starts by reviewing the bull case for the stock. He notes that Apple fans say the company has a leverageable consumer brand that will allow Apple to both increase prices and enter new categories, like cars and artificial reality headsets.</p>\n<p>Apple bulls see the installed base of 1.65 billion devices offering ample room to deliver new services, including advertising, and possibly even social media. Not least, Sacconaghi writes, bulls see potential for higher gross margins as services become a higher percentage of the company’s revenue mix, creating the potential for consistent double-digit per-share earnings growth.</p>\n<p>But Sacconaghi counters that he sees limited room for earnings growth in the September 2022 fiscal year given a likely pullback in growth across the product line. His current model projects revenue for FY 2022 declining slightly from the current year.</p>\n<p>In his view, the most likely source of further gains in Apple shares in the near term would have to come from further multiple expansion. He thinks that’s possible if the iPhone 13 cycle is stronger than expected, Apple sets an aggressive new goal on services revenue growth or begins offering its products as a service. (But he’s not betting on it.)</p>\n<p>Sacconaghi also asserts that Apple’s current valuation is “relatively full,” trading inline to higher than other tech megacaps, in particular&nbsp;Facebook&nbsp;(FB) and&nbsp;Alphabet&nbsp;(GOOGL), which as he notes have both better expected growth rates and higher margins.</p>\n<p>“Looked at another way, close to 100% of revenue from Alphabet and Facebook have financial characteristics of Apple’s attractive services business,” which is about 20% of the company’s overall revenue, but Apple trades at a similar multiple to Alphabet and a premium to Facebook.</p>\n<p>Sacconaghi thinks long-term Apple is likely to be a low-to-mid single digit grower. His view is that 70% of the revenue base – iPhone, Mac and iPad – are unlikely to show any long-term growth. He sees new products growth in the 15% range, and projects 15% growth for the services business, generating a blended long-term growth rate in the 4% to 5% range. (Note that as recently as FY 2019, Apple reported a slight revenue decline.)</p>\n<p>Concludes Sacconaghi: Given Apple’s relatively high valuation and the probability that tha the company will struggle to grow in fiscal 2022, the current risk-reward on the stock is “neutral to slightly negative.”</p>\n<p>Amid a broad market rally, Apple shares rose 0.9%, to $143.29.</p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Apple Stock Will Struggle From Here, Analyst Cautions. Here’s Why.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nApple Stock Will Struggle From Here, Analyst Cautions. Here’s Why.\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-10-08 09:35 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/apple-stock-price-rally-caution-51633620422?mod=hp_LATEST><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Trigger warning for Apple bulls: I’m about to address the case for caution on the stock.\nBernstein analyst Toni Sacconaghi lays out the case in a research note on Thursday. He focus on the most basic ...</p>\n\n<a href=\"https://www.barrons.com/articles/apple-stock-price-rally-caution-51633620422?mod=hp_LATEST\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://www.barrons.com/articles/apple-stock-price-rally-caution-51633620422?mod=hp_LATEST","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1192810083","content_text":"Trigger warning for Apple bulls: I’m about to address the case for caution on the stock.\nBernstein analyst Toni Sacconaghi lays out the case in a research note on Thursday. He focus on the most basic question for Apple (ticker:AAPL) shares: What can drive the stock higher from here?\nSacconaghi points out that Apple has re-rated over the last two years from a below-market multiple to one trading at a 24% premium to the market. Apple traded at a discount to the market from 2013 to 2019, he notes. Apple now trades at a forward P/E of 26 times, he writes, “elevated” relative to historic norms.\nThe analyst starts by reviewing the bull case for the stock. He notes that Apple fans say the company has a leverageable consumer brand that will allow Apple to both increase prices and enter new categories, like cars and artificial reality headsets.\nApple bulls see the installed base of 1.65 billion devices offering ample room to deliver new services, including advertising, and possibly even social media. Not least, Sacconaghi writes, bulls see potential for higher gross margins as services become a higher percentage of the company’s revenue mix, creating the potential for consistent double-digit per-share earnings growth.\nBut Sacconaghi counters that he sees limited room for earnings growth in the September 2022 fiscal year given a likely pullback in growth across the product line. His current model projects revenue for FY 2022 declining slightly from the current year.\nIn his view, the most likely source of further gains in Apple shares in the near term would have to come from further multiple expansion. He thinks that’s possible if the iPhone 13 cycle is stronger than expected, Apple sets an aggressive new goal on services revenue growth or begins offering its products as a service. (But he’s not betting on it.)\nSacconaghi also asserts that Apple’s current valuation is “relatively full,” trading inline to higher than other tech megacaps, in particular Facebook (FB) and Alphabet (GOOGL), which as he notes have both better expected growth rates and higher margins.\n“Looked at another way, close to 100% of revenue from Alphabet and Facebook have financial characteristics of Apple’s attractive services business,” which is about 20% of the company’s overall revenue, but Apple trades at a similar multiple to Alphabet and a premium to Facebook.\nSacconaghi thinks long-term Apple is likely to be a low-to-mid single digit grower. His view is that 70% of the revenue base – iPhone, Mac and iPad – are unlikely to show any long-term growth. He sees new products growth in the 15% range, and projects 15% growth for the services business, generating a blended long-term growth rate in the 4% to 5% range. (Note that as recently as FY 2019, Apple reported a slight revenue decline.)\nConcludes Sacconaghi: Given Apple’s relatively high valuation and the probability that tha the company will struggle to grow in fiscal 2022, the current risk-reward on the stock is “neutral to slightly negative.”\nAmid a broad market rally, Apple shares rose 0.9%, to $143.29.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"},{"id":821130887,"gmtCreate":1633703993381,"gmtModify":1633703993453,"author":{"id":"3574857466681989","authorId":"3574857466681989","name":"Caffiend","avatar":"https://static.tigerbbs.com/c39695ca395c2f9b8200d3efb630a65d","vip":1,"crmLevel":3,"crmLevelSwitch":0,"idStr":"3574857466681989","authorIdStr":"3574857466681989"},"htmlText":"apple will come out with new products and services","listText":"apple will come out with new products and services","text":"apple will come out with new products and services","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/821130887","repostId":1192810083,"repostType":4,"repost":{"id":"1192810083","pubTimestamp":1633656904,"share":"https://www.laohu8.com/m/news/1192810083?lang=&edition=full","pubTime":"2021-10-08 09:35","market":"us","language":"en","title":"Apple Stock Will Struggle From Here, Analyst Cautions. Here’s Why.","url":"https://stock-news.laohu8.com/highlight/detail?id=1192810083","media":"Barrons","summary":"Trigger warning for Apple bulls: I’m about to address the case for caution on the stock.\nBernstein a","content":"<p>Trigger warning for Apple bulls: I’m about to address the case for caution on the stock.</p>\n<p>Bernstein analyst Toni Sacconaghi lays out the case in a research note on Thursday. He focus on the most basic question for&nbsp;Apple&nbsp;(ticker:AAPL) shares: What can drive the stock higher from here?</p>\n<p>Sacconaghi points out that Apple has re-rated over the last two years from a below-market multiple to one trading at a 24% premium to the market. Apple traded at a discount to the market from 2013 to 2019, he notes. Apple now trades at a forward P/E of 26 times, he writes, “elevated” relative to historic norms.</p>\n<p>The analyst starts by reviewing the bull case for the stock. He notes that Apple fans say the company has a leverageable consumer brand that will allow Apple to both increase prices and enter new categories, like cars and artificial reality headsets.</p>\n<p>Apple bulls see the installed base of 1.65 billion devices offering ample room to deliver new services, including advertising, and possibly even social media. Not least, Sacconaghi writes, bulls see potential for higher gross margins as services become a higher percentage of the company’s revenue mix, creating the potential for consistent double-digit per-share earnings growth.</p>\n<p>But Sacconaghi counters that he sees limited room for earnings growth in the September 2022 fiscal year given a likely pullback in growth across the product line. His current model projects revenue for FY 2022 declining slightly from the current year.</p>\n<p>In his view, the most likely source of further gains in Apple shares in the near term would have to come from further multiple expansion. He thinks that’s possible if the iPhone 13 cycle is stronger than expected, Apple sets an aggressive new goal on services revenue growth or begins offering its products as a service. (But he’s not betting on it.)</p>\n<p>Sacconaghi also asserts that Apple’s current valuation is “relatively full,” trading inline to higher than other tech megacaps, in particular&nbsp;Facebook&nbsp;(FB) and&nbsp;Alphabet&nbsp;(GOOGL), which as he notes have both better expected growth rates and higher margins.</p>\n<p>“Looked at another way, close to 100% of revenue from Alphabet and Facebook have financial characteristics of Apple’s attractive services business,” which is about 20% of the company’s overall revenue, but Apple trades at a similar multiple to Alphabet and a premium to Facebook.</p>\n<p>Sacconaghi thinks long-term Apple is likely to be a low-to-mid single digit grower. His view is that 70% of the revenue base – iPhone, Mac and iPad – are unlikely to show any long-term growth. He sees new products growth in the 15% range, and projects 15% growth for the services business, generating a blended long-term growth rate in the 4% to 5% range. (Note that as recently as FY 2019, Apple reported a slight revenue decline.)</p>\n<p>Concludes Sacconaghi: Given Apple’s relatively high valuation and the probability that tha the company will struggle to grow in fiscal 2022, the current risk-reward on the stock is “neutral to slightly negative.”</p>\n<p>Amid a broad market rally, Apple shares rose 0.9%, to $143.29.</p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Apple Stock Will Struggle From Here, Analyst Cautions. Here’s Why.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nApple Stock Will Struggle From Here, Analyst Cautions. Here’s Why.\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-10-08 09:35 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/apple-stock-price-rally-caution-51633620422?mod=hp_LATEST><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Trigger warning for Apple bulls: I’m about to address the case for caution on the stock.\nBernstein analyst Toni Sacconaghi lays out the case in a research note on Thursday. He focus on the most basic ...</p>\n\n<a href=\"https://www.barrons.com/articles/apple-stock-price-rally-caution-51633620422?mod=hp_LATEST\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://www.barrons.com/articles/apple-stock-price-rally-caution-51633620422?mod=hp_LATEST","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1192810083","content_text":"Trigger warning for Apple bulls: I’m about to address the case for caution on the stock.\nBernstein analyst Toni Sacconaghi lays out the case in a research note on Thursday. He focus on the most basic question for Apple (ticker:AAPL) shares: What can drive the stock higher from here?\nSacconaghi points out that Apple has re-rated over the last two years from a below-market multiple to one trading at a 24% premium to the market. Apple traded at a discount to the market from 2013 to 2019, he notes. Apple now trades at a forward P/E of 26 times, he writes, “elevated” relative to historic norms.\nThe analyst starts by reviewing the bull case for the stock. He notes that Apple fans say the company has a leverageable consumer brand that will allow Apple to both increase prices and enter new categories, like cars and artificial reality headsets.\nApple bulls see the installed base of 1.65 billion devices offering ample room to deliver new services, including advertising, and possibly even social media. Not least, Sacconaghi writes, bulls see potential for higher gross margins as services become a higher percentage of the company’s revenue mix, creating the potential for consistent double-digit per-share earnings growth.\nBut Sacconaghi counters that he sees limited room for earnings growth in the September 2022 fiscal year given a likely pullback in growth across the product line. His current model projects revenue for FY 2022 declining slightly from the current year.\nIn his view, the most likely source of further gains in Apple shares in the near term would have to come from further multiple expansion. He thinks that’s possible if the iPhone 13 cycle is stronger than expected, Apple sets an aggressive new goal on services revenue growth or begins offering its products as a service. (But he’s not betting on it.)\nSacconaghi also asserts that Apple’s current valuation is “relatively full,” trading inline to higher than other tech megacaps, in particular Facebook (FB) and Alphabet (GOOGL), which as he notes have both better expected growth rates and higher margins.\n“Looked at another way, close to 100% of revenue from Alphabet and Facebook have financial characteristics of Apple’s attractive services business,” which is about 20% of the company’s overall revenue, but Apple trades at a similar multiple to Alphabet and a premium to Facebook.\nSacconaghi thinks long-term Apple is likely to be a low-to-mid single digit grower. His view is that 70% of the revenue base – iPhone, Mac and iPad – are unlikely to show any long-term growth. He sees new products growth in the 15% range, and projects 15% growth for the services business, generating a blended long-term growth rate in the 4% to 5% range. (Note that as recently as FY 2019, Apple reported a slight revenue decline.)\nConcludes Sacconaghi: Given Apple’s relatively high valuation and the probability that tha the company will struggle to grow in fiscal 2022, the current risk-reward on the stock is “neutral to slightly negative.”\nAmid a broad market rally, Apple shares rose 0.9%, to $143.29.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"},{"id":821312128,"gmtCreate":1633698122692,"gmtModify":1633698122930,"author":{"id":"3579259217271611","authorId":"3579259217271611","name":"CCCH","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3579259217271611","authorIdStr":"3579259217271611"},"htmlText":"If Apple products selling well, don't have to worry , the price may up further&nbsp;","listText":"If Apple products selling well, don't have to worry , the price may up further&nbsp;","text":"If Apple products selling well, don't have to worry , the price may up further","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/821312128","repostId":1192810083,"repostType":4,"repost":{"id":"1192810083","pubTimestamp":1633656904,"share":"https://www.laohu8.com/m/news/1192810083?lang=&edition=full","pubTime":"2021-10-08 09:35","market":"us","language":"en","title":"Apple Stock Will Struggle From Here, Analyst Cautions. Here’s Why.","url":"https://stock-news.laohu8.com/highlight/detail?id=1192810083","media":"Barrons","summary":"Trigger warning for Apple bulls: I’m about to address the case for caution on the stock.\nBernstein a","content":"<p>Trigger warning for Apple bulls: I’m about to address the case for caution on the stock.</p>\n<p>Bernstein analyst Toni Sacconaghi lays out the case in a research note on Thursday. He focus on the most basic question for&nbsp;Apple&nbsp;(ticker:AAPL) shares: What can drive the stock higher from here?</p>\n<p>Sacconaghi points out that Apple has re-rated over the last two years from a below-market multiple to one trading at a 24% premium to the market. Apple traded at a discount to the market from 2013 to 2019, he notes. Apple now trades at a forward P/E of 26 times, he writes, “elevated” relative to historic norms.</p>\n<p>The analyst starts by reviewing the bull case for the stock. He notes that Apple fans say the company has a leverageable consumer brand that will allow Apple to both increase prices and enter new categories, like cars and artificial reality headsets.</p>\n<p>Apple bulls see the installed base of 1.65 billion devices offering ample room to deliver new services, including advertising, and possibly even social media. Not least, Sacconaghi writes, bulls see potential for higher gross margins as services become a higher percentage of the company’s revenue mix, creating the potential for consistent double-digit per-share earnings growth.</p>\n<p>But Sacconaghi counters that he sees limited room for earnings growth in the September 2022 fiscal year given a likely pullback in growth across the product line. His current model projects revenue for FY 2022 declining slightly from the current year.</p>\n<p>In his view, the most likely source of further gains in Apple shares in the near term would have to come from further multiple expansion. He thinks that’s possible if the iPhone 13 cycle is stronger than expected, Apple sets an aggressive new goal on services revenue growth or begins offering its products as a service. (But he’s not betting on it.)</p>\n<p>Sacconaghi also asserts that Apple’s current valuation is “relatively full,” trading inline to higher than other tech megacaps, in particular&nbsp;Facebook&nbsp;(FB) and&nbsp;Alphabet&nbsp;(GOOGL), which as he notes have both better expected growth rates and higher margins.</p>\n<p>“Looked at another way, close to 100% of revenue from Alphabet and Facebook have financial characteristics of Apple’s attractive services business,” which is about 20% of the company’s overall revenue, but Apple trades at a similar multiple to Alphabet and a premium to Facebook.</p>\n<p>Sacconaghi thinks long-term Apple is likely to be a low-to-mid single digit grower. His view is that 70% of the revenue base – iPhone, Mac and iPad – are unlikely to show any long-term growth. He sees new products growth in the 15% range, and projects 15% growth for the services business, generating a blended long-term growth rate in the 4% to 5% range. (Note that as recently as FY 2019, Apple reported a slight revenue decline.)</p>\n<p>Concludes Sacconaghi: Given Apple’s relatively high valuation and the probability that tha the company will struggle to grow in fiscal 2022, the current risk-reward on the stock is “neutral to slightly negative.”</p>\n<p>Amid a broad market rally, Apple shares rose 0.9%, to $143.29.</p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Apple Stock Will Struggle From Here, Analyst Cautions. Here’s Why.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nApple Stock Will Struggle From Here, Analyst Cautions. Here’s Why.\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-10-08 09:35 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/apple-stock-price-rally-caution-51633620422?mod=hp_LATEST><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Trigger warning for Apple bulls: I’m about to address the case for caution on the stock.\nBernstein analyst Toni Sacconaghi lays out the case in a research note on Thursday. He focus on the most basic ...</p>\n\n<a href=\"https://www.barrons.com/articles/apple-stock-price-rally-caution-51633620422?mod=hp_LATEST\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://www.barrons.com/articles/apple-stock-price-rally-caution-51633620422?mod=hp_LATEST","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1192810083","content_text":"Trigger warning for Apple bulls: I’m about to address the case for caution on the stock.\nBernstein analyst Toni Sacconaghi lays out the case in a research note on Thursday. He focus on the most basic question for Apple (ticker:AAPL) shares: What can drive the stock higher from here?\nSacconaghi points out that Apple has re-rated over the last two years from a below-market multiple to one trading at a 24% premium to the market. Apple traded at a discount to the market from 2013 to 2019, he notes. Apple now trades at a forward P/E of 26 times, he writes, “elevated” relative to historic norms.\nThe analyst starts by reviewing the bull case for the stock. He notes that Apple fans say the company has a leverageable consumer brand that will allow Apple to both increase prices and enter new categories, like cars and artificial reality headsets.\nApple bulls see the installed base of 1.65 billion devices offering ample room to deliver new services, including advertising, and possibly even social media. Not least, Sacconaghi writes, bulls see potential for higher gross margins as services become a higher percentage of the company’s revenue mix, creating the potential for consistent double-digit per-share earnings growth.\nBut Sacconaghi counters that he sees limited room for earnings growth in the September 2022 fiscal year given a likely pullback in growth across the product line. His current model projects revenue for FY 2022 declining slightly from the current year.\nIn his view, the most likely source of further gains in Apple shares in the near term would have to come from further multiple expansion. He thinks that’s possible if the iPhone 13 cycle is stronger than expected, Apple sets an aggressive new goal on services revenue growth or begins offering its products as a service. (But he’s not betting on it.)\nSacconaghi also asserts that Apple’s current valuation is “relatively full,” trading inline to higher than other tech megacaps, in particular Facebook (FB) and Alphabet (GOOGL), which as he notes have both better expected growth rates and higher margins.\n“Looked at another way, close to 100% of revenue from Alphabet and Facebook have financial characteristics of Apple’s attractive services business,” which is about 20% of the company’s overall revenue, but Apple trades at a similar multiple to Alphabet and a premium to Facebook.\nSacconaghi thinks long-term Apple is likely to be a low-to-mid single digit grower. His view is that 70% of the revenue base – iPhone, Mac and iPad – are unlikely to show any long-term growth. He sees new products growth in the 15% range, and projects 15% growth for the services business, generating a blended long-term growth rate in the 4% to 5% range. (Note that as recently as FY 2019, Apple reported a slight revenue decline.)\nConcludes Sacconaghi: Given Apple’s relatively high valuation and the probability that tha the company will struggle to grow in fiscal 2022, the current risk-reward on the stock is “neutral to slightly negative.”\nAmid a broad market rally, Apple shares rose 0.9%, to $143.29.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"},{"id":821338310,"gmtCreate":1633696851905,"gmtModify":1633696852157,"author":{"id":"4087959350378170","authorId":"4087959350378170","name":"Jialatsia","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":7,"crmLevelSwitch":0,"idStr":"4087959350378170","authorIdStr":"4087959350378170"},"htmlText":"Meep","listText":"Meep","text":"Meep","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/821338310","repostId":1192810083,"repostType":4,"repost":{"id":"1192810083","pubTimestamp":1633656904,"share":"https://www.laohu8.com/m/news/1192810083?lang=&edition=full","pubTime":"2021-10-08 09:35","market":"us","language":"en","title":"Apple Stock Will Struggle From Here, Analyst Cautions. Here’s Why.","url":"https://stock-news.laohu8.com/highlight/detail?id=1192810083","media":"Barrons","summary":"Trigger warning for Apple bulls: I’m about to address the case for caution on the stock.\nBernstein a","content":"<p>Trigger warning for Apple bulls: I’m about to address the case for caution on the stock.</p>\n<p>Bernstein analyst Toni Sacconaghi lays out the case in a research note on Thursday. He focus on the most basic question for&nbsp;Apple&nbsp;(ticker:AAPL) shares: What can drive the stock higher from here?</p>\n<p>Sacconaghi points out that Apple has re-rated over the last two years from a below-market multiple to one trading at a 24% premium to the market. Apple traded at a discount to the market from 2013 to 2019, he notes. Apple now trades at a forward P/E of 26 times, he writes, “elevated” relative to historic norms.</p>\n<p>The analyst starts by reviewing the bull case for the stock. He notes that Apple fans say the company has a leverageable consumer brand that will allow Apple to both increase prices and enter new categories, like cars and artificial reality headsets.</p>\n<p>Apple bulls see the installed base of 1.65 billion devices offering ample room to deliver new services, including advertising, and possibly even social media. Not least, Sacconaghi writes, bulls see potential for higher gross margins as services become a higher percentage of the company’s revenue mix, creating the potential for consistent double-digit per-share earnings growth.</p>\n<p>But Sacconaghi counters that he sees limited room for earnings growth in the September 2022 fiscal year given a likely pullback in growth across the product line. His current model projects revenue for FY 2022 declining slightly from the current year.</p>\n<p>In his view, the most likely source of further gains in Apple shares in the near term would have to come from further multiple expansion. He thinks that’s possible if the iPhone 13 cycle is stronger than expected, Apple sets an aggressive new goal on services revenue growth or begins offering its products as a service. (But he’s not betting on it.)</p>\n<p>Sacconaghi also asserts that Apple’s current valuation is “relatively full,” trading inline to higher than other tech megacaps, in particular&nbsp;Facebook&nbsp;(FB) and&nbsp;Alphabet&nbsp;(GOOGL), which as he notes have both better expected growth rates and higher margins.</p>\n<p>“Looked at another way, close to 100% of revenue from Alphabet and Facebook have financial characteristics of Apple’s attractive services business,” which is about 20% of the company’s overall revenue, but Apple trades at a similar multiple to Alphabet and a premium to Facebook.</p>\n<p>Sacconaghi thinks long-term Apple is likely to be a low-to-mid single digit grower. His view is that 70% of the revenue base – iPhone, Mac and iPad – are unlikely to show any long-term growth. He sees new products growth in the 15% range, and projects 15% growth for the services business, generating a blended long-term growth rate in the 4% to 5% range. (Note that as recently as FY 2019, Apple reported a slight revenue decline.)</p>\n<p>Concludes Sacconaghi: Given Apple’s relatively high valuation and the probability that tha the company will struggle to grow in fiscal 2022, the current risk-reward on the stock is “neutral to slightly negative.”</p>\n<p>Amid a broad market rally, Apple shares rose 0.9%, to $143.29.</p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Apple Stock Will Struggle From Here, Analyst Cautions. Here’s Why.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nApple Stock Will Struggle From Here, Analyst Cautions. Here’s Why.\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-10-08 09:35 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/apple-stock-price-rally-caution-51633620422?mod=hp_LATEST><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Trigger warning for Apple bulls: I’m about to address the case for caution on the stock.\nBernstein analyst Toni Sacconaghi lays out the case in a research note on Thursday. He focus on the most basic ...</p>\n\n<a href=\"https://www.barrons.com/articles/apple-stock-price-rally-caution-51633620422?mod=hp_LATEST\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://www.barrons.com/articles/apple-stock-price-rally-caution-51633620422?mod=hp_LATEST","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1192810083","content_text":"Trigger warning for Apple bulls: I’m about to address the case for caution on the stock.\nBernstein analyst Toni Sacconaghi lays out the case in a research note on Thursday. He focus on the most basic question for Apple (ticker:AAPL) shares: What can drive the stock higher from here?\nSacconaghi points out that Apple has re-rated over the last two years from a below-market multiple to one trading at a 24% premium to the market. Apple traded at a discount to the market from 2013 to 2019, he notes. Apple now trades at a forward P/E of 26 times, he writes, “elevated” relative to historic norms.\nThe analyst starts by reviewing the bull case for the stock. He notes that Apple fans say the company has a leverageable consumer brand that will allow Apple to both increase prices and enter new categories, like cars and artificial reality headsets.\nApple bulls see the installed base of 1.65 billion devices offering ample room to deliver new services, including advertising, and possibly even social media. Not least, Sacconaghi writes, bulls see potential for higher gross margins as services become a higher percentage of the company’s revenue mix, creating the potential for consistent double-digit per-share earnings growth.\nBut Sacconaghi counters that he sees limited room for earnings growth in the September 2022 fiscal year given a likely pullback in growth across the product line. His current model projects revenue for FY 2022 declining slightly from the current year.\nIn his view, the most likely source of further gains in Apple shares in the near term would have to come from further multiple expansion. He thinks that’s possible if the iPhone 13 cycle is stronger than expected, Apple sets an aggressive new goal on services revenue growth or begins offering its products as a service. (But he’s not betting on it.)\nSacconaghi also asserts that Apple’s current valuation is “relatively full,” trading inline to higher than other tech megacaps, in particular Facebook (FB) and Alphabet (GOOGL), which as he notes have both better expected growth rates and higher margins.\n“Looked at another way, close to 100% of revenue from Alphabet and Facebook have financial characteristics of Apple’s attractive services business,” which is about 20% of the company’s overall revenue, but Apple trades at a similar multiple to Alphabet and a premium to Facebook.\nSacconaghi thinks long-term Apple is likely to be a low-to-mid single digit grower. His view is that 70% of the revenue base – iPhone, Mac and iPad – are unlikely to show any long-term growth. He sees new products growth in the 15% range, and projects 15% growth for the services business, generating a blended long-term growth rate in the 4% to 5% range. (Note that as recently as FY 2019, Apple reported a slight revenue decline.)\nConcludes Sacconaghi: Given Apple’s relatively high valuation and the probability that tha the company will struggle to grow in fiscal 2022, the current risk-reward on the stock is “neutral to slightly negative.”\nAmid a broad market rally, Apple shares rose 0.9%, to $143.29.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"},{"id":821302532,"gmtCreate":1633695191205,"gmtModify":1633695236291,"author":{"id":"3581404506833434","authorId":"3581404506833434","name":"Cartoon98","avatar":"https://static.tigerbbs.com/4e1011545284d1baf931fd04d471aa80","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3581404506833434","authorIdStr":"3581404506833434"},"htmlText":"Well, I prefer they slow down their pace and thinkabout what they want their brand to represent in the future 10 years, the potential is still there.","listText":"Well, I prefer they slow down their pace and thinkabout what they want their brand to represent in the future 10 years, the potential is still there.","text":"Well, I prefer they slow down their pace and thinkabout what they want their brand to represent in the future 10 years, the potential is still there.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/821302532","repostId":1192810083,"repostType":4,"repost":{"id":"1192810083","pubTimestamp":1633656904,"share":"https://www.laohu8.com/m/news/1192810083?lang=&edition=full","pubTime":"2021-10-08 09:35","market":"us","language":"en","title":"Apple Stock Will Struggle From Here, Analyst Cautions. Here’s Why.","url":"https://stock-news.laohu8.com/highlight/detail?id=1192810083","media":"Barrons","summary":"Trigger warning for Apple bulls: I’m about to address the case for caution on the stock.\nBernstein a","content":"<p>Trigger warning for Apple bulls: I’m about to address the case for caution on the stock.</p>\n<p>Bernstein analyst Toni Sacconaghi lays out the case in a research note on Thursday. He focus on the most basic question for&nbsp;Apple&nbsp;(ticker:AAPL) shares: What can drive the stock higher from here?</p>\n<p>Sacconaghi points out that Apple has re-rated over the last two years from a below-market multiple to one trading at a 24% premium to the market. Apple traded at a discount to the market from 2013 to 2019, he notes. Apple now trades at a forward P/E of 26 times, he writes, “elevated” relative to historic norms.</p>\n<p>The analyst starts by reviewing the bull case for the stock. He notes that Apple fans say the company has a leverageable consumer brand that will allow Apple to both increase prices and enter new categories, like cars and artificial reality headsets.</p>\n<p>Apple bulls see the installed base of 1.65 billion devices offering ample room to deliver new services, including advertising, and possibly even social media. Not least, Sacconaghi writes, bulls see potential for higher gross margins as services become a higher percentage of the company’s revenue mix, creating the potential for consistent double-digit per-share earnings growth.</p>\n<p>But Sacconaghi counters that he sees limited room for earnings growth in the September 2022 fiscal year given a likely pullback in growth across the product line. His current model projects revenue for FY 2022 declining slightly from the current year.</p>\n<p>In his view, the most likely source of further gains in Apple shares in the near term would have to come from further multiple expansion. He thinks that’s possible if the iPhone 13 cycle is stronger than expected, Apple sets an aggressive new goal on services revenue growth or begins offering its products as a service. (But he’s not betting on it.)</p>\n<p>Sacconaghi also asserts that Apple’s current valuation is “relatively full,” trading inline to higher than other tech megacaps, in particular&nbsp;Facebook&nbsp;(FB) and&nbsp;Alphabet&nbsp;(GOOGL), which as he notes have both better expected growth rates and higher margins.</p>\n<p>“Looked at another way, close to 100% of revenue from Alphabet and Facebook have financial characteristics of Apple’s attractive services business,” which is about 20% of the company’s overall revenue, but Apple trades at a similar multiple to Alphabet and a premium to Facebook.</p>\n<p>Sacconaghi thinks long-term Apple is likely to be a low-to-mid single digit grower. His view is that 70% of the revenue base – iPhone, Mac and iPad – are unlikely to show any long-term growth. He sees new products growth in the 15% range, and projects 15% growth for the services business, generating a blended long-term growth rate in the 4% to 5% range. (Note that as recently as FY 2019, Apple reported a slight revenue decline.)</p>\n<p>Concludes Sacconaghi: Given Apple’s relatively high valuation and the probability that tha the company will struggle to grow in fiscal 2022, the current risk-reward on the stock is “neutral to slightly negative.”</p>\n<p>Amid a broad market rally, Apple shares rose 0.9%, to $143.29.</p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Apple Stock Will Struggle From Here, Analyst Cautions. Here’s Why.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nApple Stock Will Struggle From Here, Analyst Cautions. Here’s Why.\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-10-08 09:35 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/apple-stock-price-rally-caution-51633620422?mod=hp_LATEST><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Trigger warning for Apple bulls: I’m about to address the case for caution on the stock.\nBernstein analyst Toni Sacconaghi lays out the case in a research note on Thursday. He focus on the most basic ...</p>\n\n<a href=\"https://www.barrons.com/articles/apple-stock-price-rally-caution-51633620422?mod=hp_LATEST\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://www.barrons.com/articles/apple-stock-price-rally-caution-51633620422?mod=hp_LATEST","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1192810083","content_text":"Trigger warning for Apple bulls: I’m about to address the case for caution on the stock.\nBernstein analyst Toni Sacconaghi lays out the case in a research note on Thursday. He focus on the most basic question for Apple (ticker:AAPL) shares: What can drive the stock higher from here?\nSacconaghi points out that Apple has re-rated over the last two years from a below-market multiple to one trading at a 24% premium to the market. Apple traded at a discount to the market from 2013 to 2019, he notes. Apple now trades at a forward P/E of 26 times, he writes, “elevated” relative to historic norms.\nThe analyst starts by reviewing the bull case for the stock. He notes that Apple fans say the company has a leverageable consumer brand that will allow Apple to both increase prices and enter new categories, like cars and artificial reality headsets.\nApple bulls see the installed base of 1.65 billion devices offering ample room to deliver new services, including advertising, and possibly even social media. Not least, Sacconaghi writes, bulls see potential for higher gross margins as services become a higher percentage of the company’s revenue mix, creating the potential for consistent double-digit per-share earnings growth.\nBut Sacconaghi counters that he sees limited room for earnings growth in the September 2022 fiscal year given a likely pullback in growth across the product line. His current model projects revenue for FY 2022 declining slightly from the current year.\nIn his view, the most likely source of further gains in Apple shares in the near term would have to come from further multiple expansion. He thinks that’s possible if the iPhone 13 cycle is stronger than expected, Apple sets an aggressive new goal on services revenue growth or begins offering its products as a service. (But he’s not betting on it.)\nSacconaghi also asserts that Apple’s current valuation is “relatively full,” trading inline to higher than other tech megacaps, in particular Facebook (FB) and Alphabet (GOOGL), which as he notes have both better expected growth rates and higher margins.\n“Looked at another way, close to 100% of revenue from Alphabet and Facebook have financial characteristics of Apple’s attractive services business,” which is about 20% of the company’s overall revenue, but Apple trades at a similar multiple to Alphabet and a premium to Facebook.\nSacconaghi thinks long-term Apple is likely to be a low-to-mid single digit grower. His view is that 70% of the revenue base – iPhone, Mac and iPad – are unlikely to show any long-term growth. He sees new products growth in the 15% range, and projects 15% growth for the services business, generating a blended long-term growth rate in the 4% to 5% range. (Note that as recently as FY 2019, Apple reported a slight revenue decline.)\nConcludes Sacconaghi: Given Apple’s relatively high valuation and the probability that tha the company will struggle to grow in fiscal 2022, the current risk-reward on the stock is “neutral to slightly negative.”\nAmid a broad market rally, Apple shares rose 0.9%, to $143.29.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"},{"id":821301006,"gmtCreate":1633694465629,"gmtModify":1633694465737,"author":{"id":"3585131915637222","authorId":"3585131915637222","name":"ncp","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3585131915637222","authorIdStr":"3585131915637222"},"htmlText":"srsly no one cares about analysts","listText":"srsly no one cares about analysts","text":"srsly no one cares about analysts","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/821301006","repostId":1192810083,"repostType":4,"repost":{"id":"1192810083","pubTimestamp":1633656904,"share":"https://www.laohu8.com/m/news/1192810083?lang=&edition=full","pubTime":"2021-10-08 09:35","market":"us","language":"en","title":"Apple Stock Will Struggle From Here, Analyst Cautions. Here’s Why.","url":"https://stock-news.laohu8.com/highlight/detail?id=1192810083","media":"Barrons","summary":"Trigger warning for Apple bulls: I’m about to address the case for caution on the stock.\nBernstein a","content":"<p>Trigger warning for Apple bulls: I’m about to address the case for caution on the stock.</p>\n<p>Bernstein analyst Toni Sacconaghi lays out the case in a research note on Thursday. He focus on the most basic question for&nbsp;Apple&nbsp;(ticker:AAPL) shares: What can drive the stock higher from here?</p>\n<p>Sacconaghi points out that Apple has re-rated over the last two years from a below-market multiple to one trading at a 24% premium to the market. Apple traded at a discount to the market from 2013 to 2019, he notes. Apple now trades at a forward P/E of 26 times, he writes, “elevated” relative to historic norms.</p>\n<p>The analyst starts by reviewing the bull case for the stock. He notes that Apple fans say the company has a leverageable consumer brand that will allow Apple to both increase prices and enter new categories, like cars and artificial reality headsets.</p>\n<p>Apple bulls see the installed base of 1.65 billion devices offering ample room to deliver new services, including advertising, and possibly even social media. Not least, Sacconaghi writes, bulls see potential for higher gross margins as services become a higher percentage of the company’s revenue mix, creating the potential for consistent double-digit per-share earnings growth.</p>\n<p>But Sacconaghi counters that he sees limited room for earnings growth in the September 2022 fiscal year given a likely pullback in growth across the product line. His current model projects revenue for FY 2022 declining slightly from the current year.</p>\n<p>In his view, the most likely source of further gains in Apple shares in the near term would have to come from further multiple expansion. He thinks that’s possible if the iPhone 13 cycle is stronger than expected, Apple sets an aggressive new goal on services revenue growth or begins offering its products as a service. (But he’s not betting on it.)</p>\n<p>Sacconaghi also asserts that Apple’s current valuation is “relatively full,” trading inline to higher than other tech megacaps, in particular&nbsp;Facebook&nbsp;(FB) and&nbsp;Alphabet&nbsp;(GOOGL), which as he notes have both better expected growth rates and higher margins.</p>\n<p>“Looked at another way, close to 100% of revenue from Alphabet and Facebook have financial characteristics of Apple’s attractive services business,” which is about 20% of the company’s overall revenue, but Apple trades at a similar multiple to Alphabet and a premium to Facebook.</p>\n<p>Sacconaghi thinks long-term Apple is likely to be a low-to-mid single digit grower. His view is that 70% of the revenue base – iPhone, Mac and iPad – are unlikely to show any long-term growth. He sees new products growth in the 15% range, and projects 15% growth for the services business, generating a blended long-term growth rate in the 4% to 5% range. (Note that as recently as FY 2019, Apple reported a slight revenue decline.)</p>\n<p>Concludes Sacconaghi: Given Apple’s relatively high valuation and the probability that tha the company will struggle to grow in fiscal 2022, the current risk-reward on the stock is “neutral to slightly negative.”</p>\n<p>Amid a broad market rally, Apple shares rose 0.9%, to $143.29.</p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Apple Stock Will Struggle From Here, Analyst Cautions. Here’s Why.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nApple Stock Will Struggle From Here, Analyst Cautions. Here’s Why.\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-10-08 09:35 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/apple-stock-price-rally-caution-51633620422?mod=hp_LATEST><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Trigger warning for Apple bulls: I’m about to address the case for caution on the stock.\nBernstein analyst Toni Sacconaghi lays out the case in a research note on Thursday. He focus on the most basic ...</p>\n\n<a href=\"https://www.barrons.com/articles/apple-stock-price-rally-caution-51633620422?mod=hp_LATEST\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://www.barrons.com/articles/apple-stock-price-rally-caution-51633620422?mod=hp_LATEST","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1192810083","content_text":"Trigger warning for Apple bulls: I’m about to address the case for caution on the stock.\nBernstein analyst Toni Sacconaghi lays out the case in a research note on Thursday. He focus on the most basic question for Apple (ticker:AAPL) shares: What can drive the stock higher from here?\nSacconaghi points out that Apple has re-rated over the last two years from a below-market multiple to one trading at a 24% premium to the market. Apple traded at a discount to the market from 2013 to 2019, he notes. Apple now trades at a forward P/E of 26 times, he writes, “elevated” relative to historic norms.\nThe analyst starts by reviewing the bull case for the stock. He notes that Apple fans say the company has a leverageable consumer brand that will allow Apple to both increase prices and enter new categories, like cars and artificial reality headsets.\nApple bulls see the installed base of 1.65 billion devices offering ample room to deliver new services, including advertising, and possibly even social media. Not least, Sacconaghi writes, bulls see potential for higher gross margins as services become a higher percentage of the company’s revenue mix, creating the potential for consistent double-digit per-share earnings growth.\nBut Sacconaghi counters that he sees limited room for earnings growth in the September 2022 fiscal year given a likely pullback in growth across the product line. His current model projects revenue for FY 2022 declining slightly from the current year.\nIn his view, the most likely source of further gains in Apple shares in the near term would have to come from further multiple expansion. He thinks that’s possible if the iPhone 13 cycle is stronger than expected, Apple sets an aggressive new goal on services revenue growth or begins offering its products as a service. (But he’s not betting on it.)\nSacconaghi also asserts that Apple’s current valuation is “relatively full,” trading inline to higher than other tech megacaps, in particular Facebook (FB) and Alphabet (GOOGL), which as he notes have both better expected growth rates and higher margins.\n“Looked at another way, close to 100% of revenue from Alphabet and Facebook have financial characteristics of Apple’s attractive services business,” which is about 20% of the company’s overall revenue, but Apple trades at a similar multiple to Alphabet and a premium to Facebook.\nSacconaghi thinks long-term Apple is likely to be a low-to-mid single digit grower. His view is that 70% of the revenue base – iPhone, Mac and iPad – are unlikely to show any long-term growth. He sees new products growth in the 15% range, and projects 15% growth for the services business, generating a blended long-term growth rate in the 4% to 5% range. (Note that as recently as FY 2019, Apple reported a slight revenue decline.)\nConcludes Sacconaghi: Given Apple’s relatively high valuation and the probability that tha the company will struggle to grow in fiscal 2022, the current risk-reward on the stock is “neutral to slightly negative.”\nAmid a broad market rally, Apple shares rose 0.9%, to $143.29.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":6133118,"gmtCreate":1633695093910,"gmtModify":1634718604215,"authorId":3579342217954724,"author":{"id":3579342217954724,"idStr":"3579342217954724","authorId":3579342217954724,"name":"手可摘棉花","avatar":"https://static.tigerbbs.com/eb5d81ca4420febc27175fcd21eb90b2","vip":1,"crmLevel":4,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":821301006,"type":1,"supId":0,"prevId":0,"content":"I also say  Lol","text":"I also say  Lol","html":"I also say  Lol"},{"id":6133504,"gmtCreate":1633698343305,"gmtModify":1634718573780,"authorId":3581847021927100,"author":{"id":3581847021927100,"idStr":"3581847021927100","authorId":3581847021927100,"name":"GuSen","avatar":"https://static.tigerbbs.com/1b70044f21c62e929a7c4b5157b5a273","vip":1,"crmLevel":4,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":821301006,"type":1,"supId":0,"prevId":0,"content":"👌🏻","text":"👌🏻","html":"👌🏻"},{"id":6135861,"gmtCreate":1633719647168,"gmtModify":1634718400939,"authorId":3561423443372929,"author":{"id":3561423443372929,"idStr":"3561423443372929","authorId":3561423443372929,"name":"xnubx","avatar":"https://static.tigerbbs.com/6f39797fc5c6bba66d7252326b6668d5","vip":1,"crmLevel":3,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":821301006,"type":1,"supId":0,"prevId":0,"content":"people will go in the opposite <u>direction</u>","text":"people will go in the opposite <u>direction</u>","html":"people will go in the opposite <u>direction</u>"},{"id":6149246,"gmtCreate":1633838135641,"gmtModify":1634717264334,"authorId":4095668241594670,"author":{"id":4095668241594670,"idStr":"4095668241594670","authorId":4095668241594670,"name":"Cockatoo","avatar":"https://static.tigerbbs.com/0055bde0938dcc9ff3f3925ff22ea2c7","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":821301006,"type":1,"supId":0,"prevId":0,"content":"👍","text":"👍","html":"👍"}],"langContent":"CN"},{"id":821946291,"gmtCreate":1633692189810,"gmtModify":1633692191471,"author":{"id":"3579266597292844","authorId":"3579266597292844","name":"LoneSurvivor","avatar":"https://static.tigerbbs.com/a82eb7b56f99eff92f30a4ece3e5c96c","vip":1,"crmLevel":4,"crmLevelSwitch":0,"idStr":"3579266597292844","authorIdStr":"3579266597292844"},"htmlText":"Struggle your lj la, dip a bit only then panic alry, don’t invest, just go fishing sua","listText":"Struggle your lj la, dip a bit only then panic alry, don’t invest, just go fishing sua","text":"Struggle your lj la, dip a bit only then panic alry, don’t invest, just go fishing sua","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":15,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/821946291","repostId":1192810083,"repostType":4,"repost":{"id":"1192810083","pubTimestamp":1633656904,"share":"https://www.laohu8.com/m/news/1192810083?lang=&edition=full","pubTime":"2021-10-08 09:35","market":"us","language":"en","title":"Apple Stock Will Struggle From Here, Analyst Cautions. Here’s Why.","url":"https://stock-news.laohu8.com/highlight/detail?id=1192810083","media":"Barrons","summary":"Trigger warning for Apple bulls: I’m about to address the case for caution on the stock.\nBernstein a","content":"<p>Trigger warning for Apple bulls: I’m about to address the case for caution on the stock.</p>\n<p>Bernstein analyst Toni Sacconaghi lays out the case in a research note on Thursday. He focus on the most basic question for&nbsp;Apple&nbsp;(ticker:AAPL) shares: What can drive the stock higher from here?</p>\n<p>Sacconaghi points out that Apple has re-rated over the last two years from a below-market multiple to one trading at a 24% premium to the market. Apple traded at a discount to the market from 2013 to 2019, he notes. Apple now trades at a forward P/E of 26 times, he writes, “elevated” relative to historic norms.</p>\n<p>The analyst starts by reviewing the bull case for the stock. He notes that Apple fans say the company has a leverageable consumer brand that will allow Apple to both increase prices and enter new categories, like cars and artificial reality headsets.</p>\n<p>Apple bulls see the installed base of 1.65 billion devices offering ample room to deliver new services, including advertising, and possibly even social media. Not least, Sacconaghi writes, bulls see potential for higher gross margins as services become a higher percentage of the company’s revenue mix, creating the potential for consistent double-digit per-share earnings growth.</p>\n<p>But Sacconaghi counters that he sees limited room for earnings growth in the September 2022 fiscal year given a likely pullback in growth across the product line. His current model projects revenue for FY 2022 declining slightly from the current year.</p>\n<p>In his view, the most likely source of further gains in Apple shares in the near term would have to come from further multiple expansion. He thinks that’s possible if the iPhone 13 cycle is stronger than expected, Apple sets an aggressive new goal on services revenue growth or begins offering its products as a service. (But he’s not betting on it.)</p>\n<p>Sacconaghi also asserts that Apple’s current valuation is “relatively full,” trading inline to higher than other tech megacaps, in particular&nbsp;Facebook&nbsp;(FB) and&nbsp;Alphabet&nbsp;(GOOGL), which as he notes have both better expected growth rates and higher margins.</p>\n<p>“Looked at another way, close to 100% of revenue from Alphabet and Facebook have financial characteristics of Apple’s attractive services business,” which is about 20% of the company’s overall revenue, but Apple trades at a similar multiple to Alphabet and a premium to Facebook.</p>\n<p>Sacconaghi thinks long-term Apple is likely to be a low-to-mid single digit grower. His view is that 70% of the revenue base – iPhone, Mac and iPad – are unlikely to show any long-term growth. He sees new products growth in the 15% range, and projects 15% growth for the services business, generating a blended long-term growth rate in the 4% to 5% range. (Note that as recently as FY 2019, Apple reported a slight revenue decline.)</p>\n<p>Concludes Sacconaghi: Given Apple’s relatively high valuation and the probability that tha the company will struggle to grow in fiscal 2022, the current risk-reward on the stock is “neutral to slightly negative.”</p>\n<p>Amid a broad market rally, Apple shares rose 0.9%, to $143.29.</p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Apple Stock Will Struggle From Here, Analyst Cautions. Here’s Why.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nApple Stock Will Struggle From Here, Analyst Cautions. Here’s Why.\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-10-08 09:35 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/apple-stock-price-rally-caution-51633620422?mod=hp_LATEST><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Trigger warning for Apple bulls: I’m about to address the case for caution on the stock.\nBernstein analyst Toni Sacconaghi lays out the case in a research note on Thursday. He focus on the most basic ...</p>\n\n<a href=\"https://www.barrons.com/articles/apple-stock-price-rally-caution-51633620422?mod=hp_LATEST\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://www.barrons.com/articles/apple-stock-price-rally-caution-51633620422?mod=hp_LATEST","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1192810083","content_text":"Trigger warning for Apple bulls: I’m about to address the case for caution on the stock.\nBernstein analyst Toni Sacconaghi lays out the case in a research note on Thursday. He focus on the most basic question for Apple (ticker:AAPL) shares: What can drive the stock higher from here?\nSacconaghi points out that Apple has re-rated over the last two years from a below-market multiple to one trading at a 24% premium to the market. Apple traded at a discount to the market from 2013 to 2019, he notes. Apple now trades at a forward P/E of 26 times, he writes, “elevated” relative to historic norms.\nThe analyst starts by reviewing the bull case for the stock. He notes that Apple fans say the company has a leverageable consumer brand that will allow Apple to both increase prices and enter new categories, like cars and artificial reality headsets.\nApple bulls see the installed base of 1.65 billion devices offering ample room to deliver new services, including advertising, and possibly even social media. Not least, Sacconaghi writes, bulls see potential for higher gross margins as services become a higher percentage of the company’s revenue mix, creating the potential for consistent double-digit per-share earnings growth.\nBut Sacconaghi counters that he sees limited room for earnings growth in the September 2022 fiscal year given a likely pullback in growth across the product line. His current model projects revenue for FY 2022 declining slightly from the current year.\nIn his view, the most likely source of further gains in Apple shares in the near term would have to come from further multiple expansion. He thinks that’s possible if the iPhone 13 cycle is stronger than expected, Apple sets an aggressive new goal on services revenue growth or begins offering its products as a service. (But he’s not betting on it.)\nSacconaghi also asserts that Apple’s current valuation is “relatively full,” trading inline to higher than other tech megacaps, in particular Facebook (FB) and Alphabet (GOOGL), which as he notes have both better expected growth rates and higher margins.\n“Looked at another way, close to 100% of revenue from Alphabet and Facebook have financial characteristics of Apple’s attractive services business,” which is about 20% of the company’s overall revenue, but Apple trades at a similar multiple to Alphabet and a premium to Facebook.\nSacconaghi thinks long-term Apple is likely to be a low-to-mid single digit grower. His view is that 70% of the revenue base – iPhone, Mac and iPad – are unlikely to show any long-term growth. He sees new products growth in the 15% range, and projects 15% growth for the services business, generating a blended long-term growth rate in the 4% to 5% range. (Note that as recently as FY 2019, Apple reported a slight revenue decline.)\nConcludes Sacconaghi: Given Apple’s relatively high valuation and the probability that tha the company will struggle to grow in fiscal 2022, the current risk-reward on the stock is “neutral to slightly negative.”\nAmid a broad market rally, Apple shares rose 0.9%, to $143.29.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":6132844,"gmtCreate":1633692649679,"gmtModify":1634718623158,"authorId":3580794523019858,"author":{"id":3580794523019858,"idStr":"3580794523019858","authorId":3580794523019858,"name":"ChanJiaRen","avatar":"https://static.tigerbbs.com/4c2ab32fb1eed9776497f23a3d0a6e17","vip":1,"crmLevel":4,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":821946291,"type":1,"supId":0,"prevId":0,"content":"<p>LOOL love your comment HAHAHA</p>","text":"<p>LOOL love your comment HAHAHA</p>","html":"<p>LOOL love your comment HAHAHA</p>"},{"id":6133020,"gmtCreate":1633694030841,"gmtModify":1634718611883,"authorId":3579266597292844,"author":{"id":3579266597292844,"idStr":"3579266597292844","authorId":3579266597292844,"name":"LoneSurvivor","avatar":"https://static.tigerbbs.com/a82eb7b56f99eff92f30a4ece3e5c96c","vip":1,"crmLevel":4,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":821946291,"type":1,"supId":6132844,"prevId":0,"content":"[Cool][Cool] all these FUD spreaders needs to get it","text":"[Cool][Cool] all these FUD spreaders needs to get it","html":"[Cool][Cool] all these FUD spreaders needs to get it"},{"id":6133119,"gmtCreate":1633695116186,"gmtModify":1634718604107,"authorId":3579342217954724,"author":{"id":3579342217954724,"idStr":"3579342217954724","authorId":3579342217954724,"name":"手可摘棉花","avatar":"https://static.tigerbbs.com/eb5d81ca4420febc27175fcd21eb90b2","vip":1,"crmLevel":4,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":821946291,"type":1,"supId":0,"prevId":0,"content":"[Happy][Happy][Happy][Happy][Happy]","text":"[Happy][Happy][Happy][Happy][Happy]","html":"[Happy][Happy][Happy][Happy][Happy]"}],"langContent":"CN"},{"id":821955466,"gmtCreate":1633691367237,"gmtModify":1633691368802,"author":{"id":"3570678493691973","authorId":"3570678493691973","name":"SaveHK","avatar":"https://static.tigerbbs.com/89b74f5799a23844400ed6de94296d38","vip":1,"crmLevel":4,"crmLevelSwitch":0,"idStr":"3570678493691973","authorIdStr":"3570678493691973"},"htmlText":"No worries every day/week/month/year someone will said Apple going down...but it become 1st Trillion Company in the world,💯👏🎉🎊🥳","listText":"No worries every day/week/month/year someone will said Apple going down...but it become 1st Trillion Company in the world,💯👏🎉🎊🥳","text":"No worries every day/week/month/year someone will said Apple going down...but it become 1st Trillion Company in the world,💯👏🎉🎊🥳","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/821955466","repostId":1192810083,"repostType":4,"repost":{"id":"1192810083","pubTimestamp":1633656904,"share":"https://www.laohu8.com/m/news/1192810083?lang=&edition=full","pubTime":"2021-10-08 09:35","market":"us","language":"en","title":"Apple Stock Will Struggle From Here, Analyst Cautions. Here’s Why.","url":"https://stock-news.laohu8.com/highlight/detail?id=1192810083","media":"Barrons","summary":"Trigger warning for Apple bulls: I’m about to address the case for caution on the stock.\nBernstein a","content":"<p>Trigger warning for Apple bulls: I’m about to address the case for caution on the stock.</p>\n<p>Bernstein analyst Toni Sacconaghi lays out the case in a research note on Thursday. He focus on the most basic question for&nbsp;Apple&nbsp;(ticker:AAPL) shares: What can drive the stock higher from here?</p>\n<p>Sacconaghi points out that Apple has re-rated over the last two years from a below-market multiple to one trading at a 24% premium to the market. Apple traded at a discount to the market from 2013 to 2019, he notes. Apple now trades at a forward P/E of 26 times, he writes, “elevated” relative to historic norms.</p>\n<p>The analyst starts by reviewing the bull case for the stock. He notes that Apple fans say the company has a leverageable consumer brand that will allow Apple to both increase prices and enter new categories, like cars and artificial reality headsets.</p>\n<p>Apple bulls see the installed base of 1.65 billion devices offering ample room to deliver new services, including advertising, and possibly even social media. Not least, Sacconaghi writes, bulls see potential for higher gross margins as services become a higher percentage of the company’s revenue mix, creating the potential for consistent double-digit per-share earnings growth.</p>\n<p>But Sacconaghi counters that he sees limited room for earnings growth in the September 2022 fiscal year given a likely pullback in growth across the product line. His current model projects revenue for FY 2022 declining slightly from the current year.</p>\n<p>In his view, the most likely source of further gains in Apple shares in the near term would have to come from further multiple expansion. He thinks that’s possible if the iPhone 13 cycle is stronger than expected, Apple sets an aggressive new goal on services revenue growth or begins offering its products as a service. (But he’s not betting on it.)</p>\n<p>Sacconaghi also asserts that Apple’s current valuation is “relatively full,” trading inline to higher than other tech megacaps, in particular&nbsp;Facebook&nbsp;(FB) and&nbsp;Alphabet&nbsp;(GOOGL), which as he notes have both better expected growth rates and higher margins.</p>\n<p>“Looked at another way, close to 100% of revenue from Alphabet and Facebook have financial characteristics of Apple’s attractive services business,” which is about 20% of the company’s overall revenue, but Apple trades at a similar multiple to Alphabet and a premium to Facebook.</p>\n<p>Sacconaghi thinks long-term Apple is likely to be a low-to-mid single digit grower. His view is that 70% of the revenue base – iPhone, Mac and iPad – are unlikely to show any long-term growth. He sees new products growth in the 15% range, and projects 15% growth for the services business, generating a blended long-term growth rate in the 4% to 5% range. (Note that as recently as FY 2019, Apple reported a slight revenue decline.)</p>\n<p>Concludes Sacconaghi: Given Apple’s relatively high valuation and the probability that tha the company will struggle to grow in fiscal 2022, the current risk-reward on the stock is “neutral to slightly negative.”</p>\n<p>Amid a broad market rally, Apple shares rose 0.9%, to $143.29.</p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Apple Stock Will Struggle From Here, Analyst Cautions. Here’s Why.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nApple Stock Will Struggle From Here, Analyst Cautions. Here’s Why.\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-10-08 09:35 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/apple-stock-price-rally-caution-51633620422?mod=hp_LATEST><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Trigger warning for Apple bulls: I’m about to address the case for caution on the stock.\nBernstein analyst Toni Sacconaghi lays out the case in a research note on Thursday. He focus on the most basic ...</p>\n\n<a href=\"https://www.barrons.com/articles/apple-stock-price-rally-caution-51633620422?mod=hp_LATEST\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://www.barrons.com/articles/apple-stock-price-rally-caution-51633620422?mod=hp_LATEST","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1192810083","content_text":"Trigger warning for Apple bulls: I’m about to address the case for caution on the stock.\nBernstein analyst Toni Sacconaghi lays out the case in a research note on Thursday. He focus on the most basic question for Apple (ticker:AAPL) shares: What can drive the stock higher from here?\nSacconaghi points out that Apple has re-rated over the last two years from a below-market multiple to one trading at a 24% premium to the market. Apple traded at a discount to the market from 2013 to 2019, he notes. Apple now trades at a forward P/E of 26 times, he writes, “elevated” relative to historic norms.\nThe analyst starts by reviewing the bull case for the stock. He notes that Apple fans say the company has a leverageable consumer brand that will allow Apple to both increase prices and enter new categories, like cars and artificial reality headsets.\nApple bulls see the installed base of 1.65 billion devices offering ample room to deliver new services, including advertising, and possibly even social media. Not least, Sacconaghi writes, bulls see potential for higher gross margins as services become a higher percentage of the company’s revenue mix, creating the potential for consistent double-digit per-share earnings growth.\nBut Sacconaghi counters that he sees limited room for earnings growth in the September 2022 fiscal year given a likely pullback in growth across the product line. His current model projects revenue for FY 2022 declining slightly from the current year.\nIn his view, the most likely source of further gains in Apple shares in the near term would have to come from further multiple expansion. He thinks that’s possible if the iPhone 13 cycle is stronger than expected, Apple sets an aggressive new goal on services revenue growth or begins offering its products as a service. (But he’s not betting on it.)\nSacconaghi also asserts that Apple’s current valuation is “relatively full,” trading inline to higher than other tech megacaps, in particular Facebook (FB) and Alphabet (GOOGL), which as he notes have both better expected growth rates and higher margins.\n“Looked at another way, close to 100% of revenue from Alphabet and Facebook have financial characteristics of Apple’s attractive services business,” which is about 20% of the company’s overall revenue, but Apple trades at a similar multiple to Alphabet and a premium to Facebook.\nSacconaghi thinks long-term Apple is likely to be a low-to-mid single digit grower. His view is that 70% of the revenue base – iPhone, Mac and iPad – are unlikely to show any long-term growth. He sees new products growth in the 15% range, and projects 15% growth for the services business, generating a blended long-term growth rate in the 4% to 5% range. (Note that as recently as FY 2019, Apple reported a slight revenue decline.)\nConcludes Sacconaghi: Given Apple’s relatively high valuation and the probability that tha the company will struggle to grow in fiscal 2022, the current risk-reward on the stock is “neutral to slightly negative.”\nAmid a broad market rally, Apple shares rose 0.9%, to $143.29.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"},{"id":821952383,"gmtCreate":1633691206354,"gmtModify":1633691206465,"author":{"id":"4095317771450410","authorId":"4095317771450410","name":"NellyPembers","avatar":"https://static.tigerbbs.com/a4ee148ae823c1aea7312be4646bf7b1","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"4095317771450410","authorIdStr":"4095317771450410"},"htmlText":"Got my one Apple&nbsp;share free&nbsp;so I’m happy 😂","listText":"Got my one Apple&nbsp;share free&nbsp;so I’m happy 😂","text":"Got my one Apple share free so I’m happy 😂","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/821952383","repostId":1192810083,"repostType":4,"repost":{"id":"1192810083","pubTimestamp":1633656904,"share":"https://www.laohu8.com/m/news/1192810083?lang=&edition=full","pubTime":"2021-10-08 09:35","market":"us","language":"en","title":"Apple Stock Will Struggle From Here, Analyst Cautions. Here’s Why.","url":"https://stock-news.laohu8.com/highlight/detail?id=1192810083","media":"Barrons","summary":"Trigger warning for Apple bulls: I’m about to address the case for caution on the stock.\nBernstein a","content":"<p>Trigger warning for Apple bulls: I’m about to address the case for caution on the stock.</p>\n<p>Bernstein analyst Toni Sacconaghi lays out the case in a research note on Thursday. He focus on the most basic question for&nbsp;Apple&nbsp;(ticker:AAPL) shares: What can drive the stock higher from here?</p>\n<p>Sacconaghi points out that Apple has re-rated over the last two years from a below-market multiple to one trading at a 24% premium to the market. Apple traded at a discount to the market from 2013 to 2019, he notes. Apple now trades at a forward P/E of 26 times, he writes, “elevated” relative to historic norms.</p>\n<p>The analyst starts by reviewing the bull case for the stock. He notes that Apple fans say the company has a leverageable consumer brand that will allow Apple to both increase prices and enter new categories, like cars and artificial reality headsets.</p>\n<p>Apple bulls see the installed base of 1.65 billion devices offering ample room to deliver new services, including advertising, and possibly even social media. Not least, Sacconaghi writes, bulls see potential for higher gross margins as services become a higher percentage of the company’s revenue mix, creating the potential for consistent double-digit per-share earnings growth.</p>\n<p>But Sacconaghi counters that he sees limited room for earnings growth in the September 2022 fiscal year given a likely pullback in growth across the product line. His current model projects revenue for FY 2022 declining slightly from the current year.</p>\n<p>In his view, the most likely source of further gains in Apple shares in the near term would have to come from further multiple expansion. He thinks that’s possible if the iPhone 13 cycle is stronger than expected, Apple sets an aggressive new goal on services revenue growth or begins offering its products as a service. (But he’s not betting on it.)</p>\n<p>Sacconaghi also asserts that Apple’s current valuation is “relatively full,” trading inline to higher than other tech megacaps, in particular&nbsp;Facebook&nbsp;(FB) and&nbsp;Alphabet&nbsp;(GOOGL), which as he notes have both better expected growth rates and higher margins.</p>\n<p>“Looked at another way, close to 100% of revenue from Alphabet and Facebook have financial characteristics of Apple’s attractive services business,” which is about 20% of the company’s overall revenue, but Apple trades at a similar multiple to Alphabet and a premium to Facebook.</p>\n<p>Sacconaghi thinks long-term Apple is likely to be a low-to-mid single digit grower. His view is that 70% of the revenue base – iPhone, Mac and iPad – are unlikely to show any long-term growth. He sees new products growth in the 15% range, and projects 15% growth for the services business, generating a blended long-term growth rate in the 4% to 5% range. (Note that as recently as FY 2019, Apple reported a slight revenue decline.)</p>\n<p>Concludes Sacconaghi: Given Apple’s relatively high valuation and the probability that tha the company will struggle to grow in fiscal 2022, the current risk-reward on the stock is “neutral to slightly negative.”</p>\n<p>Amid a broad market rally, Apple shares rose 0.9%, to $143.29.</p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Apple Stock Will Struggle From Here, Analyst Cautions. Here’s Why.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nApple Stock Will Struggle From Here, Analyst Cautions. Here’s Why.\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-10-08 09:35 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/apple-stock-price-rally-caution-51633620422?mod=hp_LATEST><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Trigger warning for Apple bulls: I’m about to address the case for caution on the stock.\nBernstein analyst Toni Sacconaghi lays out the case in a research note on Thursday. He focus on the most basic ...</p>\n\n<a href=\"https://www.barrons.com/articles/apple-stock-price-rally-caution-51633620422?mod=hp_LATEST\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://www.barrons.com/articles/apple-stock-price-rally-caution-51633620422?mod=hp_LATEST","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1192810083","content_text":"Trigger warning for Apple bulls: I’m about to address the case for caution on the stock.\nBernstein analyst Toni Sacconaghi lays out the case in a research note on Thursday. He focus on the most basic question for Apple (ticker:AAPL) shares: What can drive the stock higher from here?\nSacconaghi points out that Apple has re-rated over the last two years from a below-market multiple to one trading at a 24% premium to the market. Apple traded at a discount to the market from 2013 to 2019, he notes. Apple now trades at a forward P/E of 26 times, he writes, “elevated” relative to historic norms.\nThe analyst starts by reviewing the bull case for the stock. He notes that Apple fans say the company has a leverageable consumer brand that will allow Apple to both increase prices and enter new categories, like cars and artificial reality headsets.\nApple bulls see the installed base of 1.65 billion devices offering ample room to deliver new services, including advertising, and possibly even social media. Not least, Sacconaghi writes, bulls see potential for higher gross margins as services become a higher percentage of the company’s revenue mix, creating the potential for consistent double-digit per-share earnings growth.\nBut Sacconaghi counters that he sees limited room for earnings growth in the September 2022 fiscal year given a likely pullback in growth across the product line. His current model projects revenue for FY 2022 declining slightly from the current year.\nIn his view, the most likely source of further gains in Apple shares in the near term would have to come from further multiple expansion. He thinks that’s possible if the iPhone 13 cycle is stronger than expected, Apple sets an aggressive new goal on services revenue growth or begins offering its products as a service. (But he’s not betting on it.)\nSacconaghi also asserts that Apple’s current valuation is “relatively full,” trading inline to higher than other tech megacaps, in particular Facebook (FB) and Alphabet (GOOGL), which as he notes have both better expected growth rates and higher margins.\n“Looked at another way, close to 100% of revenue from Alphabet and Facebook have financial characteristics of Apple’s attractive services business,” which is about 20% of the company’s overall revenue, but Apple trades at a similar multiple to Alphabet and a premium to Facebook.\nSacconaghi thinks long-term Apple is likely to be a low-to-mid single digit grower. His view is that 70% of the revenue base – iPhone, Mac and iPad – are unlikely to show any long-term growth. He sees new products growth in the 15% range, and projects 15% growth for the services business, generating a blended long-term growth rate in the 4% to 5% range. (Note that as recently as FY 2019, Apple reported a slight revenue decline.)\nConcludes Sacconaghi: Given Apple’s relatively high valuation and the probability that tha the company will struggle to grow in fiscal 2022, the current risk-reward on the stock is “neutral to slightly negative.”\nAmid a broad market rally, Apple shares rose 0.9%, to $143.29.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":6132956,"gmtCreate":1633693649785,"gmtModify":1634718616160,"authorId":3572937584115952,"author":{"id":3572937584115952,"idStr":"3572937584115952","authorId":3572937584115952,"name":"小狮狮","avatar":"https://static.tigerbbs.com/0060b8e3c2cee085b02939b78214607a","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":821952383,"type":1,"supId":0,"prevId":0,"content":"👍🏻","text":"👍🏻","html":"👍🏻"},{"id":6133076,"gmtCreate":1633694503997,"gmtModify":1634718607394,"authorId":3570360623104656,"author":{"id":3570360623104656,"idStr":"3570360623104656","authorId":3570360623104656,"name":"zhen130","avatar":"https://static.tigerbbs.com/553509e2e649eaf0d39f267a7e6de1a1","vip":1,"crmLevel":3,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":821952383,"type":1,"supId":6132956,"prevId":0,"content":"<u>Good</u>","text":"<u>Good</u>","html":"<u>Good</u>"}],"langContent":"CN"},{"id":821958722,"gmtCreate":1633690970149,"gmtModify":1633690970363,"author":{"id":"3562031405142101","authorId":"3562031405142101","name":"Idez","avatar":"https://static.tigerbbs.com/fa5b9731c3806c7edfa0948a48aae071","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3562031405142101","authorIdStr":"3562031405142101"},"htmlText":"Miss the boat and trying to push it down? [Sweats]&nbsp;[Sweats]&nbsp;","listText":"Miss the boat and trying to push it down? [Sweats]&nbsp;[Sweats]&nbsp;","text":"Miss the boat and trying to push it down? [Sweats] [Sweats]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/821958722","repostId":1192810083,"repostType":2,"repost":{"id":"1192810083","pubTimestamp":1633656904,"share":"https://www.laohu8.com/m/news/1192810083?lang=&edition=full","pubTime":"2021-10-08 09:35","market":"us","language":"en","title":"Apple Stock Will Struggle From Here, Analyst Cautions. Here’s Why.","url":"https://stock-news.laohu8.com/highlight/detail?id=1192810083","media":"Barrons","summary":"Trigger warning for Apple bulls: I’m about to address the case for caution on the stock.\nBernstein a","content":"<p>Trigger warning for Apple bulls: I’m about to address the case for caution on the stock.</p>\n<p>Bernstein analyst Toni Sacconaghi lays out the case in a research note on Thursday. He focus on the most basic question for&nbsp;Apple&nbsp;(ticker:AAPL) shares: What can drive the stock higher from here?</p>\n<p>Sacconaghi points out that Apple has re-rated over the last two years from a below-market multiple to one trading at a 24% premium to the market. Apple traded at a discount to the market from 2013 to 2019, he notes. Apple now trades at a forward P/E of 26 times, he writes, “elevated” relative to historic norms.</p>\n<p>The analyst starts by reviewing the bull case for the stock. He notes that Apple fans say the company has a leverageable consumer brand that will allow Apple to both increase prices and enter new categories, like cars and artificial reality headsets.</p>\n<p>Apple bulls see the installed base of 1.65 billion devices offering ample room to deliver new services, including advertising, and possibly even social media. Not least, Sacconaghi writes, bulls see potential for higher gross margins as services become a higher percentage of the company’s revenue mix, creating the potential for consistent double-digit per-share earnings growth.</p>\n<p>But Sacconaghi counters that he sees limited room for earnings growth in the September 2022 fiscal year given a likely pullback in growth across the product line. His current model projects revenue for FY 2022 declining slightly from the current year.</p>\n<p>In his view, the most likely source of further gains in Apple shares in the near term would have to come from further multiple expansion. He thinks that’s possible if the iPhone 13 cycle is stronger than expected, Apple sets an aggressive new goal on services revenue growth or begins offering its products as a service. (But he’s not betting on it.)</p>\n<p>Sacconaghi also asserts that Apple’s current valuation is “relatively full,” trading inline to higher than other tech megacaps, in particular&nbsp;Facebook&nbsp;(FB) and&nbsp;Alphabet&nbsp;(GOOGL), which as he notes have both better expected growth rates and higher margins.</p>\n<p>“Looked at another way, close to 100% of revenue from Alphabet and Facebook have financial characteristics of Apple’s attractive services business,” which is about 20% of the company’s overall revenue, but Apple trades at a similar multiple to Alphabet and a premium to Facebook.</p>\n<p>Sacconaghi thinks long-term Apple is likely to be a low-to-mid single digit grower. His view is that 70% of the revenue base – iPhone, Mac and iPad – are unlikely to show any long-term growth. He sees new products growth in the 15% range, and projects 15% growth for the services business, generating a blended long-term growth rate in the 4% to 5% range. (Note that as recently as FY 2019, Apple reported a slight revenue decline.)</p>\n<p>Concludes Sacconaghi: Given Apple’s relatively high valuation and the probability that tha the company will struggle to grow in fiscal 2022, the current risk-reward on the stock is “neutral to slightly negative.”</p>\n<p>Amid a broad market rally, Apple shares rose 0.9%, to $143.29.</p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Apple Stock Will Struggle From Here, Analyst Cautions. Here’s Why.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nApple Stock Will Struggle From Here, Analyst Cautions. Here’s Why.\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-10-08 09:35 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/apple-stock-price-rally-caution-51633620422?mod=hp_LATEST><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Trigger warning for Apple bulls: I’m about to address the case for caution on the stock.\nBernstein analyst Toni Sacconaghi lays out the case in a research note on Thursday. He focus on the most basic ...</p>\n\n<a href=\"https://www.barrons.com/articles/apple-stock-price-rally-caution-51633620422?mod=hp_LATEST\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://www.barrons.com/articles/apple-stock-price-rally-caution-51633620422?mod=hp_LATEST","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1192810083","content_text":"Trigger warning for Apple bulls: I’m about to address the case for caution on the stock.\nBernstein analyst Toni Sacconaghi lays out the case in a research note on Thursday. He focus on the most basic question for Apple (ticker:AAPL) shares: What can drive the stock higher from here?\nSacconaghi points out that Apple has re-rated over the last two years from a below-market multiple to one trading at a 24% premium to the market. Apple traded at a discount to the market from 2013 to 2019, he notes. Apple now trades at a forward P/E of 26 times, he writes, “elevated” relative to historic norms.\nThe analyst starts by reviewing the bull case for the stock. He notes that Apple fans say the company has a leverageable consumer brand that will allow Apple to both increase prices and enter new categories, like cars and artificial reality headsets.\nApple bulls see the installed base of 1.65 billion devices offering ample room to deliver new services, including advertising, and possibly even social media. Not least, Sacconaghi writes, bulls see potential for higher gross margins as services become a higher percentage of the company’s revenue mix, creating the potential for consistent double-digit per-share earnings growth.\nBut Sacconaghi counters that he sees limited room for earnings growth in the September 2022 fiscal year given a likely pullback in growth across the product line. His current model projects revenue for FY 2022 declining slightly from the current year.\nIn his view, the most likely source of further gains in Apple shares in the near term would have to come from further multiple expansion. He thinks that’s possible if the iPhone 13 cycle is stronger than expected, Apple sets an aggressive new goal on services revenue growth or begins offering its products as a service. (But he’s not betting on it.)\nSacconaghi also asserts that Apple’s current valuation is “relatively full,” trading inline to higher than other tech megacaps, in particular Facebook (FB) and Alphabet (GOOGL), which as he notes have both better expected growth rates and higher margins.\n“Looked at another way, close to 100% of revenue from Alphabet and Facebook have financial characteristics of Apple’s attractive services business,” which is about 20% of the company’s overall revenue, but Apple trades at a similar multiple to Alphabet and a premium to Facebook.\nSacconaghi thinks long-term Apple is likely to be a low-to-mid single digit grower. His view is that 70% of the revenue base – iPhone, Mac and iPad – are unlikely to show any long-term growth. He sees new products growth in the 15% range, and projects 15% growth for the services business, generating a blended long-term growth rate in the 4% to 5% range. (Note that as recently as FY 2019, Apple reported a slight revenue decline.)\nConcludes Sacconaghi: Given Apple’s relatively high valuation and the probability that tha the company will struggle to grow in fiscal 2022, the current risk-reward on the stock is “neutral to slightly negative.”\nAmid a broad market rally, Apple shares rose 0.9%, to $143.29.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"},{"id":821958269,"gmtCreate":1633690897319,"gmtModify":1633690897467,"author":{"id":"3582894720985713","authorId":"3582894720985713","name":"DQ6","avatar":"https://static.tigerbbs.com/fa8d37bc40959d32453f15ca0e4178b4","vip":1,"crmLevel":5,"crmLevelSwitch":0,"idStr":"3582894720985713","authorIdStr":"3582894720985713"},"htmlText":"Apple need someone new to drive innovation. They are stagnant since steve jobs time. The only reason they still have profit is due to the brand and loyal customers. But that won't last too long unless bew product breakthrough happens.","listText":"Apple need someone new to drive innovation. They are stagnant since steve jobs time. The only reason they still have profit is due to the brand and loyal customers. But that won't last too long unless bew product breakthrough happens.","text":"Apple need someone new to drive innovation. They are stagnant since steve jobs time. The only reason they still have profit is due to the brand and loyal customers. But that won't last too long unless bew product breakthrough happens.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/821958269","repostId":1192810083,"repostType":4,"repost":{"id":"1192810083","pubTimestamp":1633656904,"share":"https://www.laohu8.com/m/news/1192810083?lang=&edition=full","pubTime":"2021-10-08 09:35","market":"us","language":"en","title":"Apple Stock Will Struggle From Here, Analyst Cautions. Here’s Why.","url":"https://stock-news.laohu8.com/highlight/detail?id=1192810083","media":"Barrons","summary":"Trigger warning for Apple bulls: I’m about to address the case for caution on the stock.\nBernstein a","content":"<p>Trigger warning for Apple bulls: I’m about to address the case for caution on the stock.</p>\n<p>Bernstein analyst Toni Sacconaghi lays out the case in a research note on Thursday. He focus on the most basic question for&nbsp;Apple&nbsp;(ticker:AAPL) shares: What can drive the stock higher from here?</p>\n<p>Sacconaghi points out that Apple has re-rated over the last two years from a below-market multiple to one trading at a 24% premium to the market. Apple traded at a discount to the market from 2013 to 2019, he notes. Apple now trades at a forward P/E of 26 times, he writes, “elevated” relative to historic norms.</p>\n<p>The analyst starts by reviewing the bull case for the stock. He notes that Apple fans say the company has a leverageable consumer brand that will allow Apple to both increase prices and enter new categories, like cars and artificial reality headsets.</p>\n<p>Apple bulls see the installed base of 1.65 billion devices offering ample room to deliver new services, including advertising, and possibly even social media. Not least, Sacconaghi writes, bulls see potential for higher gross margins as services become a higher percentage of the company’s revenue mix, creating the potential for consistent double-digit per-share earnings growth.</p>\n<p>But Sacconaghi counters that he sees limited room for earnings growth in the September 2022 fiscal year given a likely pullback in growth across the product line. His current model projects revenue for FY 2022 declining slightly from the current year.</p>\n<p>In his view, the most likely source of further gains in Apple shares in the near term would have to come from further multiple expansion. He thinks that’s possible if the iPhone 13 cycle is stronger than expected, Apple sets an aggressive new goal on services revenue growth or begins offering its products as a service. (But he’s not betting on it.)</p>\n<p>Sacconaghi also asserts that Apple’s current valuation is “relatively full,” trading inline to higher than other tech megacaps, in particular&nbsp;Facebook&nbsp;(FB) and&nbsp;Alphabet&nbsp;(GOOGL), which as he notes have both better expected growth rates and higher margins.</p>\n<p>“Looked at another way, close to 100% of revenue from Alphabet and Facebook have financial characteristics of Apple’s attractive services business,” which is about 20% of the company’s overall revenue, but Apple trades at a similar multiple to Alphabet and a premium to Facebook.</p>\n<p>Sacconaghi thinks long-term Apple is likely to be a low-to-mid single digit grower. His view is that 70% of the revenue base – iPhone, Mac and iPad – are unlikely to show any long-term growth. He sees new products growth in the 15% range, and projects 15% growth for the services business, generating a blended long-term growth rate in the 4% to 5% range. (Note that as recently as FY 2019, Apple reported a slight revenue decline.)</p>\n<p>Concludes Sacconaghi: Given Apple’s relatively high valuation and the probability that tha the company will struggle to grow in fiscal 2022, the current risk-reward on the stock is “neutral to slightly negative.”</p>\n<p>Amid a broad market rally, Apple shares rose 0.9%, to $143.29.</p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Apple Stock Will Struggle From Here, Analyst Cautions. Here’s Why.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nApple Stock Will Struggle From Here, Analyst Cautions. Here’s Why.\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-10-08 09:35 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/apple-stock-price-rally-caution-51633620422?mod=hp_LATEST><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Trigger warning for Apple bulls: I’m about to address the case for caution on the stock.\nBernstein analyst Toni Sacconaghi lays out the case in a research note on Thursday. He focus on the most basic ...</p>\n\n<a href=\"https://www.barrons.com/articles/apple-stock-price-rally-caution-51633620422?mod=hp_LATEST\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://www.barrons.com/articles/apple-stock-price-rally-caution-51633620422?mod=hp_LATEST","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1192810083","content_text":"Trigger warning for Apple bulls: I’m about to address the case for caution on the stock.\nBernstein analyst Toni Sacconaghi lays out the case in a research note on Thursday. He focus on the most basic question for Apple (ticker:AAPL) shares: What can drive the stock higher from here?\nSacconaghi points out that Apple has re-rated over the last two years from a below-market multiple to one trading at a 24% premium to the market. Apple traded at a discount to the market from 2013 to 2019, he notes. Apple now trades at a forward P/E of 26 times, he writes, “elevated” relative to historic norms.\nThe analyst starts by reviewing the bull case for the stock. He notes that Apple fans say the company has a leverageable consumer brand that will allow Apple to both increase prices and enter new categories, like cars and artificial reality headsets.\nApple bulls see the installed base of 1.65 billion devices offering ample room to deliver new services, including advertising, and possibly even social media. Not least, Sacconaghi writes, bulls see potential for higher gross margins as services become a higher percentage of the company’s revenue mix, creating the potential for consistent double-digit per-share earnings growth.\nBut Sacconaghi counters that he sees limited room for earnings growth in the September 2022 fiscal year given a likely pullback in growth across the product line. His current model projects revenue for FY 2022 declining slightly from the current year.\nIn his view, the most likely source of further gains in Apple shares in the near term would have to come from further multiple expansion. He thinks that’s possible if the iPhone 13 cycle is stronger than expected, Apple sets an aggressive new goal on services revenue growth or begins offering its products as a service. (But he’s not betting on it.)\nSacconaghi also asserts that Apple’s current valuation is “relatively full,” trading inline to higher than other tech megacaps, in particular Facebook (FB) and Alphabet (GOOGL), which as he notes have both better expected growth rates and higher margins.\n“Looked at another way, close to 100% of revenue from Alphabet and Facebook have financial characteristics of Apple’s attractive services business,” which is about 20% of the company’s overall revenue, but Apple trades at a similar multiple to Alphabet and a premium to Facebook.\nSacconaghi thinks long-term Apple is likely to be a low-to-mid single digit grower. His view is that 70% of the revenue base – iPhone, Mac and iPad – are unlikely to show any long-term growth. He sees new products growth in the 15% range, and projects 15% growth for the services business, generating a blended long-term growth rate in the 4% to 5% range. (Note that as recently as FY 2019, Apple reported a slight revenue decline.)\nConcludes Sacconaghi: Given Apple’s relatively high valuation and the probability that tha the company will struggle to grow in fiscal 2022, the current risk-reward on the stock is “neutral to slightly negative.”\nAmid a broad market rally, Apple shares rose 0.9%, to $143.29.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"},{"id":821958139,"gmtCreate":1633690878192,"gmtModify":1633690878571,"author":{"id":"3551139414186896","authorId":"3551139414186896","name":"Slowdownpok","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":3,"crmLevelSwitch":0,"idStr":"3551139414186896","authorIdStr":"3551139414186896"},"htmlText":"Apple growth will be stagnant . They are trying best to promote their wearable products. I hope apple can come out different services to growth business.&nbsp;","listText":"Apple growth will be stagnant . They are trying best to promote their wearable products. I hope apple can come out different services to growth business.&nbsp;","text":"Apple growth will be stagnant . They are trying best to promote their wearable products. I hope apple can come out different services to growth business.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/821958139","repostId":1192810083,"repostType":4,"repost":{"id":"1192810083","pubTimestamp":1633656904,"share":"https://www.laohu8.com/m/news/1192810083?lang=&edition=full","pubTime":"2021-10-08 09:35","market":"us","language":"en","title":"Apple Stock Will Struggle From Here, Analyst Cautions. Here’s Why.","url":"https://stock-news.laohu8.com/highlight/detail?id=1192810083","media":"Barrons","summary":"Trigger warning for Apple bulls: I’m about to address the case for caution on the stock.\nBernstein a","content":"<p>Trigger warning for Apple bulls: I’m about to address the case for caution on the stock.</p>\n<p>Bernstein analyst Toni Sacconaghi lays out the case in a research note on Thursday. He focus on the most basic question for&nbsp;Apple&nbsp;(ticker:AAPL) shares: What can drive the stock higher from here?</p>\n<p>Sacconaghi points out that Apple has re-rated over the last two years from a below-market multiple to one trading at a 24% premium to the market. Apple traded at a discount to the market from 2013 to 2019, he notes. Apple now trades at a forward P/E of 26 times, he writes, “elevated” relative to historic norms.</p>\n<p>The analyst starts by reviewing the bull case for the stock. He notes that Apple fans say the company has a leverageable consumer brand that will allow Apple to both increase prices and enter new categories, like cars and artificial reality headsets.</p>\n<p>Apple bulls see the installed base of 1.65 billion devices offering ample room to deliver new services, including advertising, and possibly even social media. Not least, Sacconaghi writes, bulls see potential for higher gross margins as services become a higher percentage of the company’s revenue mix, creating the potential for consistent double-digit per-share earnings growth.</p>\n<p>But Sacconaghi counters that he sees limited room for earnings growth in the September 2022 fiscal year given a likely pullback in growth across the product line. His current model projects revenue for FY 2022 declining slightly from the current year.</p>\n<p>In his view, the most likely source of further gains in Apple shares in the near term would have to come from further multiple expansion. He thinks that’s possible if the iPhone 13 cycle is stronger than expected, Apple sets an aggressive new goal on services revenue growth or begins offering its products as a service. (But he’s not betting on it.)</p>\n<p>Sacconaghi also asserts that Apple’s current valuation is “relatively full,” trading inline to higher than other tech megacaps, in particular&nbsp;Facebook&nbsp;(FB) and&nbsp;Alphabet&nbsp;(GOOGL), which as he notes have both better expected growth rates and higher margins.</p>\n<p>“Looked at another way, close to 100% of revenue from Alphabet and Facebook have financial characteristics of Apple’s attractive services business,” which is about 20% of the company’s overall revenue, but Apple trades at a similar multiple to Alphabet and a premium to Facebook.</p>\n<p>Sacconaghi thinks long-term Apple is likely to be a low-to-mid single digit grower. His view is that 70% of the revenue base – iPhone, Mac and iPad – are unlikely to show any long-term growth. He sees new products growth in the 15% range, and projects 15% growth for the services business, generating a blended long-term growth rate in the 4% to 5% range. (Note that as recently as FY 2019, Apple reported a slight revenue decline.)</p>\n<p>Concludes Sacconaghi: Given Apple’s relatively high valuation and the probability that tha the company will struggle to grow in fiscal 2022, the current risk-reward on the stock is “neutral to slightly negative.”</p>\n<p>Amid a broad market rally, Apple shares rose 0.9%, to $143.29.</p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Apple Stock Will Struggle From Here, Analyst Cautions. Here’s Why.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nApple Stock Will Struggle From Here, Analyst Cautions. Here’s Why.\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-10-08 09:35 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/apple-stock-price-rally-caution-51633620422?mod=hp_LATEST><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Trigger warning for Apple bulls: I’m about to address the case for caution on the stock.\nBernstein analyst Toni Sacconaghi lays out the case in a research note on Thursday. He focus on the most basic ...</p>\n\n<a href=\"https://www.barrons.com/articles/apple-stock-price-rally-caution-51633620422?mod=hp_LATEST\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://www.barrons.com/articles/apple-stock-price-rally-caution-51633620422?mod=hp_LATEST","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1192810083","content_text":"Trigger warning for Apple bulls: I’m about to address the case for caution on the stock.\nBernstein analyst Toni Sacconaghi lays out the case in a research note on Thursday. He focus on the most basic question for Apple (ticker:AAPL) shares: What can drive the stock higher from here?\nSacconaghi points out that Apple has re-rated over the last two years from a below-market multiple to one trading at a 24% premium to the market. Apple traded at a discount to the market from 2013 to 2019, he notes. Apple now trades at a forward P/E of 26 times, he writes, “elevated” relative to historic norms.\nThe analyst starts by reviewing the bull case for the stock. He notes that Apple fans say the company has a leverageable consumer brand that will allow Apple to both increase prices and enter new categories, like cars and artificial reality headsets.\nApple bulls see the installed base of 1.65 billion devices offering ample room to deliver new services, including advertising, and possibly even social media. Not least, Sacconaghi writes, bulls see potential for higher gross margins as services become a higher percentage of the company’s revenue mix, creating the potential for consistent double-digit per-share earnings growth.\nBut Sacconaghi counters that he sees limited room for earnings growth in the September 2022 fiscal year given a likely pullback in growth across the product line. His current model projects revenue for FY 2022 declining slightly from the current year.\nIn his view, the most likely source of further gains in Apple shares in the near term would have to come from further multiple expansion. He thinks that’s possible if the iPhone 13 cycle is stronger than expected, Apple sets an aggressive new goal on services revenue growth or begins offering its products as a service. (But he’s not betting on it.)\nSacconaghi also asserts that Apple’s current valuation is “relatively full,” trading inline to higher than other tech megacaps, in particular Facebook (FB) and Alphabet (GOOGL), which as he notes have both better expected growth rates and higher margins.\n“Looked at another way, close to 100% of revenue from Alphabet and Facebook have financial characteristics of Apple’s attractive services business,” which is about 20% of the company’s overall revenue, but Apple trades at a similar multiple to Alphabet and a premium to Facebook.\nSacconaghi thinks long-term Apple is likely to be a low-to-mid single digit grower. His view is that 70% of the revenue base – iPhone, Mac and iPad – are unlikely to show any long-term growth. He sees new products growth in the 15% range, and projects 15% growth for the services business, generating a blended long-term growth rate in the 4% to 5% range. (Note that as recently as FY 2019, Apple reported a slight revenue decline.)\nConcludes Sacconaghi: Given Apple’s relatively high valuation and the probability that tha the company will struggle to grow in fiscal 2022, the current risk-reward on the stock is “neutral to slightly negative.”\nAmid a broad market rally, Apple shares rose 0.9%, to $143.29.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"},{"id":821958388,"gmtCreate":1633690869890,"gmtModify":1633690869994,"author":{"id":"3582851464952803","authorId":"3582851464952803","name":"koots","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":7,"crmLevelSwitch":0,"idStr":"3582851464952803","authorIdStr":"3582851464952803"},"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/821958388","repostId":1192810083,"repostType":4,"repost":{"id":"1192810083","pubTimestamp":1633656904,"share":"https://www.laohu8.com/m/news/1192810083?lang=&edition=full","pubTime":"2021-10-08 09:35","market":"us","language":"en","title":"Apple Stock Will Struggle From Here, Analyst Cautions. Here’s Why.","url":"https://stock-news.laohu8.com/highlight/detail?id=1192810083","media":"Barrons","summary":"Trigger warning for Apple bulls: I’m about to address the case for caution on the stock.\nBernstein a","content":"<p>Trigger warning for Apple bulls: I’m about to address the case for caution on the stock.</p>\n<p>Bernstein analyst Toni Sacconaghi lays out the case in a research note on Thursday. He focus on the most basic question for&nbsp;Apple&nbsp;(ticker:AAPL) shares: What can drive the stock higher from here?</p>\n<p>Sacconaghi points out that Apple has re-rated over the last two years from a below-market multiple to one trading at a 24% premium to the market. Apple traded at a discount to the market from 2013 to 2019, he notes. Apple now trades at a forward P/E of 26 times, he writes, “elevated” relative to historic norms.</p>\n<p>The analyst starts by reviewing the bull case for the stock. He notes that Apple fans say the company has a leverageable consumer brand that will allow Apple to both increase prices and enter new categories, like cars and artificial reality headsets.</p>\n<p>Apple bulls see the installed base of 1.65 billion devices offering ample room to deliver new services, including advertising, and possibly even social media. Not least, Sacconaghi writes, bulls see potential for higher gross margins as services become a higher percentage of the company’s revenue mix, creating the potential for consistent double-digit per-share earnings growth.</p>\n<p>But Sacconaghi counters that he sees limited room for earnings growth in the September 2022 fiscal year given a likely pullback in growth across the product line. His current model projects revenue for FY 2022 declining slightly from the current year.</p>\n<p>In his view, the most likely source of further gains in Apple shares in the near term would have to come from further multiple expansion. He thinks that’s possible if the iPhone 13 cycle is stronger than expected, Apple sets an aggressive new goal on services revenue growth or begins offering its products as a service. (But he’s not betting on it.)</p>\n<p>Sacconaghi also asserts that Apple’s current valuation is “relatively full,” trading inline to higher than other tech megacaps, in particular&nbsp;Facebook&nbsp;(FB) and&nbsp;Alphabet&nbsp;(GOOGL), which as he notes have both better expected growth rates and higher margins.</p>\n<p>“Looked at another way, close to 100% of revenue from Alphabet and Facebook have financial characteristics of Apple’s attractive services business,” which is about 20% of the company’s overall revenue, but Apple trades at a similar multiple to Alphabet and a premium to Facebook.</p>\n<p>Sacconaghi thinks long-term Apple is likely to be a low-to-mid single digit grower. His view is that 70% of the revenue base – iPhone, Mac and iPad – are unlikely to show any long-term growth. He sees new products growth in the 15% range, and projects 15% growth for the services business, generating a blended long-term growth rate in the 4% to 5% range. (Note that as recently as FY 2019, Apple reported a slight revenue decline.)</p>\n<p>Concludes Sacconaghi: Given Apple’s relatively high valuation and the probability that tha the company will struggle to grow in fiscal 2022, the current risk-reward on the stock is “neutral to slightly negative.”</p>\n<p>Amid a broad market rally, Apple shares rose 0.9%, to $143.29.</p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Apple Stock Will Struggle From Here, Analyst Cautions. Here’s Why.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nApple Stock Will Struggle From Here, Analyst Cautions. Here’s Why.\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-10-08 09:35 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/apple-stock-price-rally-caution-51633620422?mod=hp_LATEST><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Trigger warning for Apple bulls: I’m about to address the case for caution on the stock.\nBernstein analyst Toni Sacconaghi lays out the case in a research note on Thursday. He focus on the most basic ...</p>\n\n<a href=\"https://www.barrons.com/articles/apple-stock-price-rally-caution-51633620422?mod=hp_LATEST\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://www.barrons.com/articles/apple-stock-price-rally-caution-51633620422?mod=hp_LATEST","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1192810083","content_text":"Trigger warning for Apple bulls: I’m about to address the case for caution on the stock.\nBernstein analyst Toni Sacconaghi lays out the case in a research note on Thursday. He focus on the most basic question for Apple (ticker:AAPL) shares: What can drive the stock higher from here?\nSacconaghi points out that Apple has re-rated over the last two years from a below-market multiple to one trading at a 24% premium to the market. Apple traded at a discount to the market from 2013 to 2019, he notes. Apple now trades at a forward P/E of 26 times, he writes, “elevated” relative to historic norms.\nThe analyst starts by reviewing the bull case for the stock. He notes that Apple fans say the company has a leverageable consumer brand that will allow Apple to both increase prices and enter new categories, like cars and artificial reality headsets.\nApple bulls see the installed base of 1.65 billion devices offering ample room to deliver new services, including advertising, and possibly even social media. Not least, Sacconaghi writes, bulls see potential for higher gross margins as services become a higher percentage of the company’s revenue mix, creating the potential for consistent double-digit per-share earnings growth.\nBut Sacconaghi counters that he sees limited room for earnings growth in the September 2022 fiscal year given a likely pullback in growth across the product line. His current model projects revenue for FY 2022 declining slightly from the current year.\nIn his view, the most likely source of further gains in Apple shares in the near term would have to come from further multiple expansion. He thinks that’s possible if the iPhone 13 cycle is stronger than expected, Apple sets an aggressive new goal on services revenue growth or begins offering its products as a service. (But he’s not betting on it.)\nSacconaghi also asserts that Apple’s current valuation is “relatively full,” trading inline to higher than other tech megacaps, in particular Facebook (FB) and Alphabet (GOOGL), which as he notes have both better expected growth rates and higher margins.\n“Looked at another way, close to 100% of revenue from Alphabet and Facebook have financial characteristics of Apple’s attractive services business,” which is about 20% of the company’s overall revenue, but Apple trades at a similar multiple to Alphabet and a premium to Facebook.\nSacconaghi thinks long-term Apple is likely to be a low-to-mid single digit grower. His view is that 70% of the revenue base – iPhone, Mac and iPad – are unlikely to show any long-term growth. He sees new products growth in the 15% range, and projects 15% growth for the services business, generating a blended long-term growth rate in the 4% to 5% range. (Note that as recently as FY 2019, Apple reported a slight revenue decline.)\nConcludes Sacconaghi: Given Apple’s relatively high valuation and the probability that tha the company will struggle to grow in fiscal 2022, the current risk-reward on the stock is “neutral to slightly negative.”\nAmid a broad market rally, Apple shares rose 0.9%, to $143.29.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"},{"id":823717466,"gmtCreate":1633661649393,"gmtModify":1633661649626,"author":{"id":"4089777453696550","authorId":"4089777453696550","name":"soosoo","avatar":"https://static.tigerbbs.com/a7a8e4a0c1e8d4b7bf1e9db91cfaffc8","vip":1,"crmLevel":1,"crmLevelSwitch":0,"idStr":"4089777453696550","authorIdStr":"4089777453696550"},"htmlText":"oh no","listText":"oh no","text":"oh no","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/823717466","repostId":1192810083,"repostType":4,"repost":{"id":"1192810083","pubTimestamp":1633656904,"share":"https://www.laohu8.com/m/news/1192810083?lang=&edition=full","pubTime":"2021-10-08 09:35","market":"us","language":"en","title":"Apple Stock Will Struggle From Here, Analyst Cautions. Here’s Why.","url":"https://stock-news.laohu8.com/highlight/detail?id=1192810083","media":"Barrons","summary":"Trigger warning for Apple bulls: I’m about to address the case for caution on the stock.\nBernstein a","content":"<p>Trigger warning for Apple bulls: I’m about to address the case for caution on the stock.</p>\n<p>Bernstein analyst Toni Sacconaghi lays out the case in a research note on Thursday. He focus on the most basic question for&nbsp;Apple&nbsp;(ticker:AAPL) shares: What can drive the stock higher from here?</p>\n<p>Sacconaghi points out that Apple has re-rated over the last two years from a below-market multiple to one trading at a 24% premium to the market. Apple traded at a discount to the market from 2013 to 2019, he notes. Apple now trades at a forward P/E of 26 times, he writes, “elevated” relative to historic norms.</p>\n<p>The analyst starts by reviewing the bull case for the stock. He notes that Apple fans say the company has a leverageable consumer brand that will allow Apple to both increase prices and enter new categories, like cars and artificial reality headsets.</p>\n<p>Apple bulls see the installed base of 1.65 billion devices offering ample room to deliver new services, including advertising, and possibly even social media. Not least, Sacconaghi writes, bulls see potential for higher gross margins as services become a higher percentage of the company’s revenue mix, creating the potential for consistent double-digit per-share earnings growth.</p>\n<p>But Sacconaghi counters that he sees limited room for earnings growth in the September 2022 fiscal year given a likely pullback in growth across the product line. His current model projects revenue for FY 2022 declining slightly from the current year.</p>\n<p>In his view, the most likely source of further gains in Apple shares in the near term would have to come from further multiple expansion. He thinks that’s possible if the iPhone 13 cycle is stronger than expected, Apple sets an aggressive new goal on services revenue growth or begins offering its products as a service. (But he’s not betting on it.)</p>\n<p>Sacconaghi also asserts that Apple’s current valuation is “relatively full,” trading inline to higher than other tech megacaps, in particular&nbsp;Facebook&nbsp;(FB) and&nbsp;Alphabet&nbsp;(GOOGL), which as he notes have both better expected growth rates and higher margins.</p>\n<p>“Looked at another way, close to 100% of revenue from Alphabet and Facebook have financial characteristics of Apple’s attractive services business,” which is about 20% of the company’s overall revenue, but Apple trades at a similar multiple to Alphabet and a premium to Facebook.</p>\n<p>Sacconaghi thinks long-term Apple is likely to be a low-to-mid single digit grower. His view is that 70% of the revenue base – iPhone, Mac and iPad – are unlikely to show any long-term growth. He sees new products growth in the 15% range, and projects 15% growth for the services business, generating a blended long-term growth rate in the 4% to 5% range. (Note that as recently as FY 2019, Apple reported a slight revenue decline.)</p>\n<p>Concludes Sacconaghi: Given Apple’s relatively high valuation and the probability that tha the company will struggle to grow in fiscal 2022, the current risk-reward on the stock is “neutral to slightly negative.”</p>\n<p>Amid a broad market rally, Apple shares rose 0.9%, to $143.29.</p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Apple Stock Will Struggle From Here, Analyst Cautions. Here’s Why.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nApple Stock Will Struggle From Here, Analyst Cautions. Here’s Why.\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-10-08 09:35 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/apple-stock-price-rally-caution-51633620422?mod=hp_LATEST><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Trigger warning for Apple bulls: I’m about to address the case for caution on the stock.\nBernstein analyst Toni Sacconaghi lays out the case in a research note on Thursday. He focus on the most basic ...</p>\n\n<a href=\"https://www.barrons.com/articles/apple-stock-price-rally-caution-51633620422?mod=hp_LATEST\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://www.barrons.com/articles/apple-stock-price-rally-caution-51633620422?mod=hp_LATEST","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1192810083","content_text":"Trigger warning for Apple bulls: I’m about to address the case for caution on the stock.\nBernstein analyst Toni Sacconaghi lays out the case in a research note on Thursday. He focus on the most basic question for Apple (ticker:AAPL) shares: What can drive the stock higher from here?\nSacconaghi points out that Apple has re-rated over the last two years from a below-market multiple to one trading at a 24% premium to the market. Apple traded at a discount to the market from 2013 to 2019, he notes. Apple now trades at a forward P/E of 26 times, he writes, “elevated” relative to historic norms.\nThe analyst starts by reviewing the bull case for the stock. He notes that Apple fans say the company has a leverageable consumer brand that will allow Apple to both increase prices and enter new categories, like cars and artificial reality headsets.\nApple bulls see the installed base of 1.65 billion devices offering ample room to deliver new services, including advertising, and possibly even social media. Not least, Sacconaghi writes, bulls see potential for higher gross margins as services become a higher percentage of the company’s revenue mix, creating the potential for consistent double-digit per-share earnings growth.\nBut Sacconaghi counters that he sees limited room for earnings growth in the September 2022 fiscal year given a likely pullback in growth across the product line. His current model projects revenue for FY 2022 declining slightly from the current year.\nIn his view, the most likely source of further gains in Apple shares in the near term would have to come from further multiple expansion. He thinks that’s possible if the iPhone 13 cycle is stronger than expected, Apple sets an aggressive new goal on services revenue growth or begins offering its products as a service. (But he’s not betting on it.)\nSacconaghi also asserts that Apple’s current valuation is “relatively full,” trading inline to higher than other tech megacaps, in particular Facebook (FB) and Alphabet (GOOGL), which as he notes have both better expected growth rates and higher margins.\n“Looked at another way, close to 100% of revenue from Alphabet and Facebook have financial characteristics of Apple’s attractive services business,” which is about 20% of the company’s overall revenue, but Apple trades at a similar multiple to Alphabet and a premium to Facebook.\nSacconaghi thinks long-term Apple is likely to be a low-to-mid single digit grower. His view is that 70% of the revenue base – iPhone, Mac and iPad – are unlikely to show any long-term growth. He sees new products growth in the 15% range, and projects 15% growth for the services business, generating a blended long-term growth rate in the 4% to 5% range. (Note that as recently as FY 2019, Apple reported a slight revenue decline.)\nConcludes Sacconaghi: Given Apple’s relatively high valuation and the probability that tha the company will struggle to grow in fiscal 2022, the current risk-reward on the stock is “neutral to slightly negative.”\nAmid a broad market rally, Apple shares rose 0.9%, to $143.29.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"},{"id":823711107,"gmtCreate":1633660964186,"gmtModify":1633661156075,"author":{"id":"3569133365230412","authorId":"3569133365230412","name":"449ff09a","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","vip":1,"crmLevel":3,"crmLevelSwitch":0,"idStr":"3569133365230412","authorIdStr":"3569133365230412"},"htmlText":"R u so smart?","listText":"R u so smart?","text":"R u so smart?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/823711107","repostId":1192810083,"repostType":2,"repost":{"id":"1192810083","pubTimestamp":1633656904,"share":"https://www.laohu8.com/m/news/1192810083?lang=&edition=full","pubTime":"2021-10-08 09:35","market":"us","language":"en","title":"Apple Stock Will Struggle From Here, Analyst Cautions. Here’s Why.","url":"https://stock-news.laohu8.com/highlight/detail?id=1192810083","media":"Barrons","summary":"Trigger warning for Apple bulls: I’m about to address the case for caution on the stock.\nBernstein a","content":"<p>Trigger warning for Apple bulls: I’m about to address the case for caution on the stock.</p>\n<p>Bernstein analyst Toni Sacconaghi lays out the case in a research note on Thursday. He focus on the most basic question for&nbsp;Apple&nbsp;(ticker:AAPL) shares: What can drive the stock higher from here?</p>\n<p>Sacconaghi points out that Apple has re-rated over the last two years from a below-market multiple to one trading at a 24% premium to the market. Apple traded at a discount to the market from 2013 to 2019, he notes. Apple now trades at a forward P/E of 26 times, he writes, “elevated” relative to historic norms.</p>\n<p>The analyst starts by reviewing the bull case for the stock. He notes that Apple fans say the company has a leverageable consumer brand that will allow Apple to both increase prices and enter new categories, like cars and artificial reality headsets.</p>\n<p>Apple bulls see the installed base of 1.65 billion devices offering ample room to deliver new services, including advertising, and possibly even social media. Not least, Sacconaghi writes, bulls see potential for higher gross margins as services become a higher percentage of the company’s revenue mix, creating the potential for consistent double-digit per-share earnings growth.</p>\n<p>But Sacconaghi counters that he sees limited room for earnings growth in the September 2022 fiscal year given a likely pullback in growth across the product line. His current model projects revenue for FY 2022 declining slightly from the current year.</p>\n<p>In his view, the most likely source of further gains in Apple shares in the near term would have to come from further multiple expansion. He thinks that’s possible if the iPhone 13 cycle is stronger than expected, Apple sets an aggressive new goal on services revenue growth or begins offering its products as a service. (But he’s not betting on it.)</p>\n<p>Sacconaghi also asserts that Apple’s current valuation is “relatively full,” trading inline to higher than other tech megacaps, in particular&nbsp;Facebook&nbsp;(FB) and&nbsp;Alphabet&nbsp;(GOOGL), which as he notes have both better expected growth rates and higher margins.</p>\n<p>“Looked at another way, close to 100% of revenue from Alphabet and Facebook have financial characteristics of Apple’s attractive services business,” which is about 20% of the company’s overall revenue, but Apple trades at a similar multiple to Alphabet and a premium to Facebook.</p>\n<p>Sacconaghi thinks long-term Apple is likely to be a low-to-mid single digit grower. His view is that 70% of the revenue base – iPhone, Mac and iPad – are unlikely to show any long-term growth. He sees new products growth in the 15% range, and projects 15% growth for the services business, generating a blended long-term growth rate in the 4% to 5% range. (Note that as recently as FY 2019, Apple reported a slight revenue decline.)</p>\n<p>Concludes Sacconaghi: Given Apple’s relatively high valuation and the probability that tha the company will struggle to grow in fiscal 2022, the current risk-reward on the stock is “neutral to slightly negative.”</p>\n<p>Amid a broad market rally, Apple shares rose 0.9%, to $143.29.</p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Apple Stock Will Struggle From Here, Analyst Cautions. Here’s Why.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nApple Stock Will Struggle From Here, Analyst Cautions. Here’s Why.\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-10-08 09:35 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/apple-stock-price-rally-caution-51633620422?mod=hp_LATEST><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Trigger warning for Apple bulls: I’m about to address the case for caution on the stock.\nBernstein analyst Toni Sacconaghi lays out the case in a research note on Thursday. He focus on the most basic ...</p>\n\n<a href=\"https://www.barrons.com/articles/apple-stock-price-rally-caution-51633620422?mod=hp_LATEST\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://www.barrons.com/articles/apple-stock-price-rally-caution-51633620422?mod=hp_LATEST","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1192810083","content_text":"Trigger warning for Apple bulls: I’m about to address the case for caution on the stock.\nBernstein analyst Toni Sacconaghi lays out the case in a research note on Thursday. He focus on the most basic question for Apple (ticker:AAPL) shares: What can drive the stock higher from here?\nSacconaghi points out that Apple has re-rated over the last two years from a below-market multiple to one trading at a 24% premium to the market. Apple traded at a discount to the market from 2013 to 2019, he notes. Apple now trades at a forward P/E of 26 times, he writes, “elevated” relative to historic norms.\nThe analyst starts by reviewing the bull case for the stock. He notes that Apple fans say the company has a leverageable consumer brand that will allow Apple to both increase prices and enter new categories, like cars and artificial reality headsets.\nApple bulls see the installed base of 1.65 billion devices offering ample room to deliver new services, including advertising, and possibly even social media. Not least, Sacconaghi writes, bulls see potential for higher gross margins as services become a higher percentage of the company’s revenue mix, creating the potential for consistent double-digit per-share earnings growth.\nBut Sacconaghi counters that he sees limited room for earnings growth in the September 2022 fiscal year given a likely pullback in growth across the product line. His current model projects revenue for FY 2022 declining slightly from the current year.\nIn his view, the most likely source of further gains in Apple shares in the near term would have to come from further multiple expansion. He thinks that’s possible if the iPhone 13 cycle is stronger than expected, Apple sets an aggressive new goal on services revenue growth or begins offering its products as a service. (But he’s not betting on it.)\nSacconaghi also asserts that Apple’s current valuation is “relatively full,” trading inline to higher than other tech megacaps, in particular Facebook (FB) and Alphabet (GOOGL), which as he notes have both better expected growth rates and higher margins.\n“Looked at another way, close to 100% of revenue from Alphabet and Facebook have financial characteristics of Apple’s attractive services business,” which is about 20% of the company’s overall revenue, but Apple trades at a similar multiple to Alphabet and a premium to Facebook.\nSacconaghi thinks long-term Apple is likely to be a low-to-mid single digit grower. His view is that 70% of the revenue base – iPhone, Mac and iPad – are unlikely to show any long-term growth. He sees new products growth in the 15% range, and projects 15% growth for the services business, generating a blended long-term growth rate in the 4% to 5% range. (Note that as recently as FY 2019, Apple reported a slight revenue decline.)\nConcludes Sacconaghi: Given Apple’s relatively high valuation and the probability that tha the company will struggle to grow in fiscal 2022, the current risk-reward on the stock is “neutral to slightly negative.”\nAmid a broad market rally, Apple shares rose 0.9%, to $143.29.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":6132862,"gmtCreate":1633692898508,"gmtModify":1634718622611,"authorId":3582074233060171,"author":{"id":3582074233060171,"idStr":"3582074233060171","authorId":3582074233060171,"name":"Erikca","avatar":"https://static.tigerbbs.com/4c8597dae5bbe585b053f307dd3255c0","vip":1,"crmLevel":5,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":823711107,"type":1,"supId":0,"prevId":0,"content":"Ok","text":"Ok","html":"Ok"}],"langContent":"CN"},{"id":823798655,"gmtCreate":1633659217914,"gmtModify":1633659586507,"author":{"id":"3560241002253187","authorId":"3560241002253187","name":"CL777","avatar":"https://static.tigerbbs.com/e9aef3dd830373a0427a3447b1b564e3","vip":1,"crmLevel":6,"crmLevelSwitch":0,"idStr":"3560241002253187","authorIdStr":"3560241002253187"},"htmlText":"$130 is&nbsp;coming&nbsp;","listText":"$130 is&nbsp;coming&nbsp;","text":"$130 is coming","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/823798655","repostId":1192810083,"repostType":4,"repost":{"id":"1192810083","pubTimestamp":1633656904,"share":"https://www.laohu8.com/m/news/1192810083?lang=&edition=full","pubTime":"2021-10-08 09:35","market":"us","language":"en","title":"Apple Stock Will Struggle From Here, Analyst Cautions. Here’s Why.","url":"https://stock-news.laohu8.com/highlight/detail?id=1192810083","media":"Barrons","summary":"Trigger warning for Apple bulls: I’m about to address the case for caution on the stock.\nBernstein a","content":"<p>Trigger warning for Apple bulls: I’m about to address the case for caution on the stock.</p>\n<p>Bernstein analyst Toni Sacconaghi lays out the case in a research note on Thursday. He focus on the most basic question for&nbsp;Apple&nbsp;(ticker:AAPL) shares: What can drive the stock higher from here?</p>\n<p>Sacconaghi points out that Apple has re-rated over the last two years from a below-market multiple to one trading at a 24% premium to the market. Apple traded at a discount to the market from 2013 to 2019, he notes. Apple now trades at a forward P/E of 26 times, he writes, “elevated” relative to historic norms.</p>\n<p>The analyst starts by reviewing the bull case for the stock. He notes that Apple fans say the company has a leverageable consumer brand that will allow Apple to both increase prices and enter new categories, like cars and artificial reality headsets.</p>\n<p>Apple bulls see the installed base of 1.65 billion devices offering ample room to deliver new services, including advertising, and possibly even social media. Not least, Sacconaghi writes, bulls see potential for higher gross margins as services become a higher percentage of the company’s revenue mix, creating the potential for consistent double-digit per-share earnings growth.</p>\n<p>But Sacconaghi counters that he sees limited room for earnings growth in the September 2022 fiscal year given a likely pullback in growth across the product line. His current model projects revenue for FY 2022 declining slightly from the current year.</p>\n<p>In his view, the most likely source of further gains in Apple shares in the near term would have to come from further multiple expansion. He thinks that’s possible if the iPhone 13 cycle is stronger than expected, Apple sets an aggressive new goal on services revenue growth or begins offering its products as a service. (But he’s not betting on it.)</p>\n<p>Sacconaghi also asserts that Apple’s current valuation is “relatively full,” trading inline to higher than other tech megacaps, in particular&nbsp;Facebook&nbsp;(FB) and&nbsp;Alphabet&nbsp;(GOOGL), which as he notes have both better expected growth rates and higher margins.</p>\n<p>“Looked at another way, close to 100% of revenue from Alphabet and Facebook have financial characteristics of Apple’s attractive services business,” which is about 20% of the company’s overall revenue, but Apple trades at a similar multiple to Alphabet and a premium to Facebook.</p>\n<p>Sacconaghi thinks long-term Apple is likely to be a low-to-mid single digit grower. His view is that 70% of the revenue base – iPhone, Mac and iPad – are unlikely to show any long-term growth. He sees new products growth in the 15% range, and projects 15% growth for the services business, generating a blended long-term growth rate in the 4% to 5% range. (Note that as recently as FY 2019, Apple reported a slight revenue decline.)</p>\n<p>Concludes Sacconaghi: Given Apple’s relatively high valuation and the probability that tha the company will struggle to grow in fiscal 2022, the current risk-reward on the stock is “neutral to slightly negative.”</p>\n<p>Amid a broad market rally, Apple shares rose 0.9%, to $143.29.</p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Apple Stock Will Struggle From Here, Analyst Cautions. Here’s Why.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nApple Stock Will Struggle From Here, Analyst Cautions. Here’s Why.\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-10-08 09:35 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/apple-stock-price-rally-caution-51633620422?mod=hp_LATEST><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Trigger warning for Apple bulls: I’m about to address the case for caution on the stock.\nBernstein analyst Toni Sacconaghi lays out the case in a research note on Thursday. He focus on the most basic ...</p>\n\n<a href=\"https://www.barrons.com/articles/apple-stock-price-rally-caution-51633620422?mod=hp_LATEST\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://www.barrons.com/articles/apple-stock-price-rally-caution-51633620422?mod=hp_LATEST","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1192810083","content_text":"Trigger warning for Apple bulls: I’m about to address the case for caution on the stock.\nBernstein analyst Toni Sacconaghi lays out the case in a research note on Thursday. He focus on the most basic question for Apple (ticker:AAPL) shares: What can drive the stock higher from here?\nSacconaghi points out that Apple has re-rated over the last two years from a below-market multiple to one trading at a 24% premium to the market. Apple traded at a discount to the market from 2013 to 2019, he notes. Apple now trades at a forward P/E of 26 times, he writes, “elevated” relative to historic norms.\nThe analyst starts by reviewing the bull case for the stock. He notes that Apple fans say the company has a leverageable consumer brand that will allow Apple to both increase prices and enter new categories, like cars and artificial reality headsets.\nApple bulls see the installed base of 1.65 billion devices offering ample room to deliver new services, including advertising, and possibly even social media. Not least, Sacconaghi writes, bulls see potential for higher gross margins as services become a higher percentage of the company’s revenue mix, creating the potential for consistent double-digit per-share earnings growth.\nBut Sacconaghi counters that he sees limited room for earnings growth in the September 2022 fiscal year given a likely pullback in growth across the product line. His current model projects revenue for FY 2022 declining slightly from the current year.\nIn his view, the most likely source of further gains in Apple shares in the near term would have to come from further multiple expansion. He thinks that’s possible if the iPhone 13 cycle is stronger than expected, Apple sets an aggressive new goal on services revenue growth or begins offering its products as a service. (But he’s not betting on it.)\nSacconaghi also asserts that Apple’s current valuation is “relatively full,” trading inline to higher than other tech megacaps, in particular Facebook (FB) and Alphabet (GOOGL), which as he notes have both better expected growth rates and higher margins.\n“Looked at another way, close to 100% of revenue from Alphabet and Facebook have financial characteristics of Apple’s attractive services business,” which is about 20% of the company’s overall revenue, but Apple trades at a similar multiple to Alphabet and a premium to Facebook.\nSacconaghi thinks long-term Apple is likely to be a low-to-mid single digit grower. His view is that 70% of the revenue base – iPhone, Mac and iPad – are unlikely to show any long-term growth. He sees new products growth in the 15% range, and projects 15% growth for the services business, generating a blended long-term growth rate in the 4% to 5% range. (Note that as recently as FY 2019, Apple reported a slight revenue decline.)\nConcludes Sacconaghi: Given Apple’s relatively high valuation and the probability that tha the company will struggle to grow in fiscal 2022, the current risk-reward on the stock is “neutral to slightly negative.”\nAmid a broad market rally, Apple shares rose 0.9%, to $143.29.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":6130769,"gmtCreate":1633671881765,"gmtModify":1634718774362,"authorId":3582251522172350,"author":{"id":3582251522172350,"idStr":"3582251522172350","authorId":3582251522172350,"name":"gunsonfire","avatar":"https://static.tigerbbs.com/6b74c7a33fa03de37c4879761460f702","vip":1,"crmLevel":5,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":823798655,"type":1,"supId":0,"prevId":0,"content":"Nah","text":"Nah","html":"Nah"},{"id":6149217,"gmtCreate":1633837919383,"gmtModify":1634717266514,"authorId":3560241002253187,"author":{"id":3560241002253187,"idStr":"3560241002253187","authorId":3560241002253187,"name":"CL777","avatar":"https://static.tigerbbs.com/e9aef3dd830373a0427a3447b1b564e3","vip":1,"crmLevel":6,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":823798655,"type":1,"supId":6146475,"prevId":0,"content":"Yea","text":"Yea","html":"Yea"}],"langContent":"CN"},{"id":823446307,"gmtCreate":1633657265292,"gmtModify":1633657895801,"author":{"id":"4087686543844860","authorId":"4087686543844860","name":"Maybl","avatar":"https://static.tigerbbs.com/8528a3b3e7bad2aa55b4c86ab0e2cedc","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"4087686543844860","authorIdStr":"4087686543844860"},"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/823446307","repostId":1192810083,"repostType":4,"repost":{"id":"1192810083","pubTimestamp":1633656904,"share":"https://www.laohu8.com/m/news/1192810083?lang=&edition=full","pubTime":"2021-10-08 09:35","market":"us","language":"en","title":"Apple Stock Will Struggle From Here, Analyst Cautions. Here’s Why.","url":"https://stock-news.laohu8.com/highlight/detail?id=1192810083","media":"Barrons","summary":"Trigger warning for Apple bulls: I’m about to address the case for caution on the stock.\nBernstein a","content":"<p>Trigger warning for Apple bulls: I’m about to address the case for caution on the stock.</p>\n<p>Bernstein analyst Toni Sacconaghi lays out the case in a research note on Thursday. He focus on the most basic question for&nbsp;Apple&nbsp;(ticker:AAPL) shares: What can drive the stock higher from here?</p>\n<p>Sacconaghi points out that Apple has re-rated over the last two years from a below-market multiple to one trading at a 24% premium to the market. Apple traded at a discount to the market from 2013 to 2019, he notes. Apple now trades at a forward P/E of 26 times, he writes, “elevated” relative to historic norms.</p>\n<p>The analyst starts by reviewing the bull case for the stock. He notes that Apple fans say the company has a leverageable consumer brand that will allow Apple to both increase prices and enter new categories, like cars and artificial reality headsets.</p>\n<p>Apple bulls see the installed base of 1.65 billion devices offering ample room to deliver new services, including advertising, and possibly even social media. Not least, Sacconaghi writes, bulls see potential for higher gross margins as services become a higher percentage of the company’s revenue mix, creating the potential for consistent double-digit per-share earnings growth.</p>\n<p>But Sacconaghi counters that he sees limited room for earnings growth in the September 2022 fiscal year given a likely pullback in growth across the product line. His current model projects revenue for FY 2022 declining slightly from the current year.</p>\n<p>In his view, the most likely source of further gains in Apple shares in the near term would have to come from further multiple expansion. He thinks that’s possible if the iPhone 13 cycle is stronger than expected, Apple sets an aggressive new goal on services revenue growth or begins offering its products as a service. (But he’s not betting on it.)</p>\n<p>Sacconaghi also asserts that Apple’s current valuation is “relatively full,” trading inline to higher than other tech megacaps, in particular&nbsp;Facebook&nbsp;(FB) and&nbsp;Alphabet&nbsp;(GOOGL), which as he notes have both better expected growth rates and higher margins.</p>\n<p>“Looked at another way, close to 100% of revenue from Alphabet and Facebook have financial characteristics of Apple’s attractive services business,” which is about 20% of the company’s overall revenue, but Apple trades at a similar multiple to Alphabet and a premium to Facebook.</p>\n<p>Sacconaghi thinks long-term Apple is likely to be a low-to-mid single digit grower. His view is that 70% of the revenue base – iPhone, Mac and iPad – are unlikely to show any long-term growth. He sees new products growth in the 15% range, and projects 15% growth for the services business, generating a blended long-term growth rate in the 4% to 5% range. (Note that as recently as FY 2019, Apple reported a slight revenue decline.)</p>\n<p>Concludes Sacconaghi: Given Apple’s relatively high valuation and the probability that tha the company will struggle to grow in fiscal 2022, the current risk-reward on the stock is “neutral to slightly negative.”</p>\n<p>Amid a broad market rally, Apple shares rose 0.9%, to $143.29.</p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Apple Stock Will Struggle From Here, Analyst Cautions. Here’s Why.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nApple Stock Will Struggle From Here, Analyst Cautions. Here’s Why.\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-10-08 09:35 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/apple-stock-price-rally-caution-51633620422?mod=hp_LATEST><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Trigger warning for Apple bulls: I’m about to address the case for caution on the stock.\nBernstein analyst Toni Sacconaghi lays out the case in a research note on Thursday. He focus on the most basic ...</p>\n\n<a href=\"https://www.barrons.com/articles/apple-stock-price-rally-caution-51633620422?mod=hp_LATEST\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://www.barrons.com/articles/apple-stock-price-rally-caution-51633620422?mod=hp_LATEST","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1192810083","content_text":"Trigger warning for Apple bulls: I’m about to address the case for caution on the stock.\nBernstein analyst Toni Sacconaghi lays out the case in a research note on Thursday. He focus on the most basic question for Apple (ticker:AAPL) shares: What can drive the stock higher from here?\nSacconaghi points out that Apple has re-rated over the last two years from a below-market multiple to one trading at a 24% premium to the market. Apple traded at a discount to the market from 2013 to 2019, he notes. Apple now trades at a forward P/E of 26 times, he writes, “elevated” relative to historic norms.\nThe analyst starts by reviewing the bull case for the stock. He notes that Apple fans say the company has a leverageable consumer brand that will allow Apple to both increase prices and enter new categories, like cars and artificial reality headsets.\nApple bulls see the installed base of 1.65 billion devices offering ample room to deliver new services, including advertising, and possibly even social media. Not least, Sacconaghi writes, bulls see potential for higher gross margins as services become a higher percentage of the company’s revenue mix, creating the potential for consistent double-digit per-share earnings growth.\nBut Sacconaghi counters that he sees limited room for earnings growth in the September 2022 fiscal year given a likely pullback in growth across the product line. His current model projects revenue for FY 2022 declining slightly from the current year.\nIn his view, the most likely source of further gains in Apple shares in the near term would have to come from further multiple expansion. He thinks that’s possible if the iPhone 13 cycle is stronger than expected, Apple sets an aggressive new goal on services revenue growth or begins offering its products as a service. (But he’s not betting on it.)\nSacconaghi also asserts that Apple’s current valuation is “relatively full,” trading inline to higher than other tech megacaps, in particular Facebook (FB) and Alphabet (GOOGL), which as he notes have both better expected growth rates and higher margins.\n“Looked at another way, close to 100% of revenue from Alphabet and Facebook have financial characteristics of Apple’s attractive services business,” which is about 20% of the company’s overall revenue, but Apple trades at a similar multiple to Alphabet and a premium to Facebook.\nSacconaghi thinks long-term Apple is likely to be a low-to-mid single digit grower. His view is that 70% of the revenue base – iPhone, Mac and iPad – are unlikely to show any long-term growth. He sees new products growth in the 15% range, and projects 15% growth for the services business, generating a blended long-term growth rate in the 4% to 5% range. (Note that as recently as FY 2019, Apple reported a slight revenue decline.)\nConcludes Sacconaghi: Given Apple’s relatively high valuation and the probability that tha the company will struggle to grow in fiscal 2022, the current risk-reward on the stock is “neutral to slightly negative.”\nAmid a broad market rally, Apple shares rose 0.9%, to $143.29.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"}],"hasMoreComments":true,"newsSizeData":{"likeSize":165,"commentSize":21,"repostSize":0,"favoriteSize":1,"likeStatus":false,"favoriteStatus":false}}