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2022-01-04
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Is Apple Stock Likely To Reach $200 In 2022?<blockquote>苹果股价有可能在2022年达到200美元吗？</blockquote>
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Pricr targets hit.SELL SELL SELL SELL SELL","highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/695024749","repostId":1179133564,"repostType":4,"repost":{"id":"1179133564","kind":"news","pubTimestamp":1641266758,"share":"https://www.laohu8.com/m/news/1179133564?lang=zh_CN&edition=full","pubTime":"2022-01-04 11:25","market":"us","language":"en","title":"Is Apple Stock Likely To Reach $200 In 2022?<blockquote>苹果股价有可能在2022年达到200美元吗？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1179133564","media":"Seeking Alpha","summary":"SummaryApple stock received a lot of interest recently as it surged in early December and has mainta","content":"<p><html><head></head><body><b>Summary</b></p><p><blockquote><html><head></head><body><b>总结</b></body></html></blockquote></p><p><ul><li>Apple stock received a lot of interest recently as it surged in early December and has maintained its market outperformance.</li><li>We discuss the critical drivers for investors to watch moving into 2022.</li><li>We also discuss whether Apple stock is likely to reach $200 moving forward.</li></ul><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9e9d29c6db997dd98e087415e7e2acfe\" tg-width=\"1536\" tg-height=\"1036\" referrerpolicy=\"no-referrer\"/><span>Justin Sullivan/Getty Images News</span></p><p><blockquote><ul><li>苹果股票最近受到了很多关注，因为它在12月初飙升，并保持了优于市场的表现。</li><li>我们讨论了投资者进入2022年需要关注的关键驱动因素。</li><li>我们还讨论了苹果股价未来是否有可能达到200美元。</li></ul><p class=\"t-img-caption\"><span>贾斯汀·沙利文/盖蒂图片社新闻</span></p></blockquote></p><p><b>Investment Thesis</b></p><p><blockquote><b>投资论文</b></blockquote></p><p>Apple Inc. (AAPL) has recently drawn significant interest among investors as the stock has continued to outperform the market since early December. It's notable since AAPL stock has lagged the market for almost the whole year. However, investors' interests spiked following the series of successful new product launches, including its pivotal iPhone 13.</p><p><blockquote>苹果公司（AAPL）最近引起了投资者的极大兴趣，因为该股自12月初以来持续跑赢大盘。这一点值得注意，因为苹果公司的股票几乎全年都落后于市场。然而，在一系列成功推出新产品（包括关键的iPhone 13）后，投资者的兴趣激增。</blockquote></p><p>Supply chain checks from numerous sell-side analysts have also demonstrated that the delays over its iPhones have improved markedly. In addition, Goldman Sachs also highlighted that lead times were down significantly in mid-December as Apple continues to leverage strong iPhone demand in its most crucial calendar quarter.</p><p><blockquote>众多卖方分析师的供应链检查也表明，其iPhone的延迟已显着改善。此外，高盛还强调，由于苹果在其最关键的日历季度继续利用强劲的iPhone需求，交货时间在12月中旬大幅下降。</blockquote></p><p>AAPL stock continues to hold its price steadily, briefly topped a $3T market cap milestone. However, there shouldn't be any doubt that AAPL stock has had an unmistakable long-term uptrend over the years. Moreover, given that the company has multiple long-term secular drivers driving its business model, we are confident that the stock can reach $200 in 2022.</p><p><blockquote>AAPL股票继续保持价格稳定，市值一度突破3T美元的里程碑。然而，毫无疑问，苹果公司的股票多年来一直具有明显的长期上升趋势。此外，鉴于该公司有多个长期长期驱动因素推动其商业模式，我们有信心该股在2022年能够达到200美元。</blockquote></p><p>We discuss these critical drivers for AAPL stock as we head into 2022 with the $3T market cap looking over the horizon.</p><p><blockquote>随着3T美元市值即将进入2022年，我们将讨论AAPL股票的这些关键驱动因素。</blockquote></p><p><b>Services Revenue Growth Could Have Been Significantly Understated</b></p><p><blockquote><b>服务收入增长可能被大大低估</b></blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0a837d0ef4f22be5610e00a0a6c3b6a5\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"/><span>Apple revenue and adjusted EBITDA mean consensus estimates. Data source: S&P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>苹果收入和调整后EBITDA意味着共识预期。数据来源：标普资本智商</span></p></blockquote></p><p>Apple bears have often pointed out the deceleration in the company's topline growth as proof of a stock that is massively overvalued. It's easy to understand what they mean. Readers can refer to the chart above, where Apple's revenue growth is estimated to decelerate over the next three years. Consensus estimates point to a revenue CAGR of just 4.6% through FY24. Moreover, its adjusted EBITDA margins are likely to remain consistent. But, AAPL is not projected to gain leverage towards its profitability. Hence, bearish investors claim they don't understand how the Cupertino company can continue to justify its current valuation.</p><p><blockquote>看空苹果的人经常指出，该公司营收增长放缓证明该股被严重高估。很容易理解他们的意思。读者可以参考上图，苹果的收入增长预计将在未来三年内减速。普遍估计表明，到2024财年，收入复合年增长率仅为4.6%。此外，其调整后的EBITDA利润率可能会保持一致。但是，苹果公司预计不会获得盈利能力。因此，看跌的投资者声称他们不明白库比蒂诺公司如何继续证明其当前估值的合理性。</blockquote></p><p>But, we think investors need to step back and consider the critical growth drivers for AAPL moving forward. So let us present our analysis.</p><p><blockquote>但是，我们认为投资者需要退后一步，考虑苹果公司未来的关键增长动力。因此，让我们提出我们的分析。</blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3850a7b0d906064e94b474a4f50c3fd4\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"/><span>Apple iPhone and services revenue estimates. Data source: Trefis, author</span></p><p><blockquote><p class=\"t-img-caption\"><span>苹果iPhone和服务收入估计。数据来源：Trefis，作者</span></p></blockquote></p><p>Readers can refer to the above model, where iPhone's revenue is estimated to increase at a CAGR of just 2.2% over the next five years. However, Apple's services segment (including App Store's revenue) is projected to increase its revenue at a CAGR of 11% through FY26, reaching $115B. We think these estimates are relatively conservative. Based on these estimates, a SOTP implied fair value of $159 was reached for AAPL stock. It also includes other segments but was mainly driven by the two critical segments above. iPhone and services accounted for 43% and 25% of its SOTP valuation.</p><p><blockquote>读者可以参考上述模型，iPhone的收入预计未来五年复合年增长率仅为2.2%。然而，苹果的服务部门（包括App Store的收入）预计到2026财年其收入将以11%的复合年增长率增长，达到$115B。我们认为这些估计相对保守。根据这些估计，AAPL股票的SOTP隐含公允价值为159美元。它还包括其他细分市场，但主要由上述两个关键细分市场驱动。iPhone和服务分别占其SOTP估值的43%和25%。</blockquote></p><p>But, we believe that these estimates may not have captured the multiple growth drivers underpinning the App Store. Why?</p><p><blockquote>但是，我们认为这些估计可能没有抓住支撑App Store的多种增长动力。为什么？</blockquote></p><p>Based on recent estimates by Sensor Tower, App Store's revenue is estimated to increase at a CAGR of 20.7% through CY25, reaching $185B. Notably, it's way ahead of the estimate of $115B that we discussed earlier for the entire services segment. Importantly, we have not even included revenue from the other services other than App Store's contribution. Therefore, we think that readers need to consider that the Street consensus may have significantly underestimated the prowess of Apple's highly profitable (estimated operating margin > 70%) App Store.</p><p><blockquote>根据Sensor Tower最近的估计，App Store的收入预计到2025年将以20.7%的复合年增长率增长，达到1850亿美元。值得注意的是，这远远超出了我们之前讨论的整个服务领域115B美元的估计。重要的是，我们甚至没有包括除App Store贡献之外的其他服务的收入。因此，我们认为读者需要考虑到，街头共识可能大大低估了苹果高利润（估计营业利润率>70%）应用商店的实力。</blockquote></p><p>We are not saying that Sensor Tower's estimate is the source of truth. But, we wanted to highlight that investors should pay more attention to Apple's key services segment. Sensor Tower presented a region by region breakdown, which we thought seemed credible, and we encourage investors to monitor closely.</p><p><blockquote>我们并不是说传感器塔的估计是事实的来源。但是，我们想强调的是，投资者应该更多地关注苹果的关键服务领域。Sensor Tower按地区进行了细分，我们认为这似乎可信，我们鼓励投资者密切关注。</blockquote></p><p><b>Don't Ignore Apple's Metaverse Ambitions</b></p><p><blockquote><b>不要忽视苹果的元宇宙野心</b></blockquote></p><p></p><p>Renowned TF International Securities analyst Ming-Chi Kuo estimated that Apple's AR/VR device would be released sometime in Q4'22. We believe this is significant as it augurs well for Apple's ambitions into the metaverse. There's little doubt that Meta Platforms (FB) and Microsoft(MSFT) are strengthening their lead in the consumer and commercial AR/VR space.According to TrendForce, global AR/VR device shipment is estimated to reach 12.02M units, up 26.4% YoY in 2022. Moreover, the market is estimated to grow rapidly through 2025, reaching 25.76M units at a CAGR of 38.8%. Notably, it expects Meta's Oculus devices to maintain a 66% consumer market share. But, TrendForce also noted that (edited):</p><p><blockquote>著名天风国际证券分析师郭明錤估计，苹果的AR/VR设备将于22年第四季度的某个时候发布。我们认为这意义重大，因为它预示着苹果进军虚拟宇宙的雄心。毫无疑问，Meta Platforms(FB)和微软(MSFT)正在巩固其在消费者和商业AR/VR领域的领先地位。根据TrendForce的数据，2022年全球AR/VR设备出货量预计将达到1202万台，同比增长26.4%。此外，预计到2025年，该市场将快速增长，达到2576万辆，CAGR为38.8%。值得注意的是，预计Meta的Oculus设备将保持66%的消费者市场份额。但是，TrendForce还指出（编辑）：</blockquote></p><p>AR/VR device suppliers may look to expand their user base and increase their market penetration via low-priced yet high-spec devices,<i>while compensating for their reduced hardware profitability through software sales</i>. (TrendForce)Software sales indeed. Apple runs the largest mobile ecosystem globally, which dwarfs Google Play's (GOOG) (GOOGL) revenue. Therefore, we believe the entry of Apple into the metaverse game could significantly raise the company's monetization opportunities. Theories that Meta Platform has ambitions to displace Apple as the next-gen computing platform abound. However, we have also discussed thatMeta Platforms' eventual metaverse will unlikely be the only virtual world we will ever experience. Instead, the metaverse will likely be a series of interconnected virtual worlds that will be interoperable. So, Apple could still be the critical ecosystem owner as creators build their virtual worlds to be monetized through the App Store, reaching out to Apple's more than 1B (and growing) installed base.</p><p><blockquote>AR/VR设备供应商可能希望通过低价但高规格的设备扩大其用户群并提高其市场渗透率，<i>同时通过软件销售弥补硬件盈利能力的下降</i>.(TrendForce)确实是软件销售。苹果运营着全球最大的移动生态系统，这使得Google Play(GOOG)（GOOGL）的收入相形见绌。因此，我们认为苹果进入元宇宙游戏可能会显着提高该公司的货币化机会。关于Meta Platform有雄心取代苹果成为下一代计算平台的理论比比皆是。然而，我们也讨论过Meta Platforms最终的元宇宙不太可能是我们体验过的唯一虚拟世界。相反，元宇宙很可能是一系列可互操作的互联虚拟世界。因此，苹果仍然可能是关键的生态系统所有者，因为创作者构建他们的虚拟世界，通过App Store赚钱，接触到苹果超过1B（并且不断增长）的安装基础。</blockquote></p><p>TrendForce also added that global VR content revenue is estimated to grow at a rapid 40% CAGR through 2025, reaching $8.3B. The content will be varied but primarily consisting of "gaming/entertainment, videos, and social interactions." Therefore, Apple can continue to leverage such opportunities through its massive ecosystem. We think these opportunities are so novel that it hasn't even been written into Apple's consensus estimates just yet. But, once Apple's AR/VR devices are launched, we believe that the revenue runway could become even more apparent. However, we must still caution that we are still very early into Apple's metaverse ambitions. But, we believe that Apple will be a critical player in defining the metaverse through its ecosystem. It won't be very smart to consider that Apple doesn't have a clearly-defined metaverse strategy.</p><p><blockquote>TrendForce还补充说，预计到2025年，全球VR内容收入将以40%的复合年增长率快速增长，达到83亿美元。内容多种多样，但主要由“游戏/娱乐、视频和社交互动”组成。因此，苹果可以通过其庞大的生态系统继续利用此类机会。我们认为这些机会非常新颖，甚至还没有被写入苹果的共识估计中。但是，一旦苹果的AR/VR设备推出，我们相信收入跑道可能会变得更加明显。然而，我们仍然必须警告，我们对苹果的元宇宙雄心还为时过早。但是，我们相信苹果将成为通过其生态系统定义虚拟宇宙的关键参与者。考虑到苹果没有明确定义的元宇宙战略，这并不是很明智。</blockquote></p><p><b>So, is AAPL Stock a Buy Now?</b></p><p><blockquote><b>那么，AAPL股票现在值得买入吗？</b></blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6087fafa5c6ee0f2958f8d29919c3eb5\" tg-width=\"640\" tg-height=\"384\" referrerpolicy=\"no-referrer\"/><span>AAPL stock EV/NTM EBIT, and Normalized P/E (NTM) 3Y mean.</span></p><p><blockquote><p class=\"t-img-caption\"><span>AAPL股票EV/NTM息税前利润和标准化市盈率(NTM)3年平均值。</span></p></blockquote></p><p>If you consider AAPL stock's relative valuation against its 3Y mean, there's little doubt that AAPL stock seems expensive. It's trading at an EV/NTM EBIT of 26x, way above its 3Y mean of 19.3x. In addition, its normalized P/E (NTM) also read 31.2x, significantly ahead of its 3Y mean of 23.9x. Therefore, we wouldn't blame bearish investors who think that AAPL stock seems well overvalued now.</p><p><blockquote>如果你考虑AAPL股票与其3年平均值的相对估值，毫无疑问，AAPL股票似乎很昂贵。其EV/NTM息税前利润为26倍，远高于19.3倍的3年平均水平。此外，其标准化市盈率(NTM)也为31.2倍，远高于23.9倍的3年平均值。因此，我们不会责怪那些认为苹果公司股票现在似乎被高估的看跌投资者。</blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2c889e6a8aa5fe9751c5d695481f9d3b\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"/><span>Apple unlevered FCF estimates. Data source: S&P Capital IQ, author</span></p><p><blockquote><p class=\"t-img-caption\"><span>苹果无杠杆自由现金流估计。数据来源：标普资本智商，作者</span></p></blockquote></p><p>However, we also estimated that AAPL stock would continue to generate robust FCF growth over time. Moreover, our model is even more conservative than the consensus estimates. In addition, we have also not considered Sensor Tower's estimates or Apple's metaverse opportunities that we discussed earlier. Nevertheless, it led us towards a DCF implied fair value estimate of $153, which we highlighted in our previous article. It's also quite close to our SOTP implied fair value of $159 that we showed earlier. Therefore, it's clear that these estimates have not factored for the robust services growth and the potential metaverse opportunities that could accrue to Apple over the next five to ten years.</p><p><blockquote>然而，我们还估计，随着时间的推移，AAPL股票将继续产生强劲的自由现金流增长。此外，我们的模型甚至比共识估计更加保守。此外，我们也没有考虑Sensor Tower的估计或我们之前讨论的苹果元宇宙机会。尽管如此，它使我们得出了153美元的DCF隐含公允价值估计，这是我们在上一篇文章中强调的。它也非常接近我们之前显示的SOTP隐含公允价值159美元。因此，很明显，这些估计没有考虑到苹果在未来五到十年内可能带来的强劲服务增长和潜在的元宇宙机会。</blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/de1380b774a68d31c93eaf939fb99e27\" tg-width=\"640\" tg-height=\"347\" referrerpolicy=\"no-referrer\"/><span>AAPL stock price action.</span></p><p><blockquote><p class=\"t-img-caption\"><span>苹果公司股价走势。</span></p></blockquote></p><p>Nevertheless, we think that AAPL stock looks extended, as seen above. But, as mentioned, it wouldn't be very smart for investors to bet against CEO Tim Cook & Co. The stock's long-term uptrend is clear for all to observe.</p><p><blockquote>尽管如此，我们认为苹果公司的股票看起来会上涨，如上所示。但是，如前所述，投资者做空首席执行官蒂姆·库克公司并不是很明智。该股的长期上升趋势有目共睹。</blockquote></p><p></p><p>So, we are clear that the stock would likely break the $200 level in 2022 as the excitement surrounding its AR/VR launch gets closers, coupled with its services segment revenue growth in its earnings releases. As a result, we believe that AAPL's stock price could be re-rated to reflect its potential over the next year.</p><p><blockquote>因此，我们很清楚，随着围绕其AR/VR发布的兴奋越来越近，再加上其财报中服务部门收入的增长，该股可能会在2022年突破200美元的水平。因此，我们认为苹果公司的股价可能会重新评级，以反映其明年的潜力。</blockquote></p><p>Nevertheless, due to its over-extended price action, we encourage some patience with AAPL stock. But, if you have no AAPL stock, we think you can consider adding at this price if you are a long-term investor. We don't believe it's significantly overvalued, as discussed earlier. But, if you already have considerable exposure relative to your portfolio, we think you can wait for a potentially better entry point with some patience.</p><p><blockquote>尽管如此，由于其过度的价格走势，我们鼓励对AAPL股票保持一定的耐心。但是，如果您没有AAPL股票，我们认为如果您是长期投资者，您可以考虑以这个价格买入。正如前面讨论的，我们不认为它被严重高估。但是，如果您相对于您的投资组合已经拥有相当大的敞口，我们认为您可以耐心等待潜在的更好的切入点。</blockquote></p><p>Therefore, we reiterate our Neutral rating on AAPL stock for now.</p><p><blockquote>因此，我们暂时重申对AAPL股票的中性评级。</blockquote></p><p>This article was written by JR Research.</p><p><blockquote>本文由JR Research撰写。</blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>","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>Is Apple Stock Likely To Reach $200 In 2022?<blockquote>苹果股价有可能在2022年达到200美元吗？</blockquote></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: 12.5px; color: #7E829C; margin: 0;}\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\">\nIs Apple Stock Likely To Reach $200 In 2022?<blockquote>苹果股价有可能在2022年达到200美元吗？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Seeking Alpha</strong><span class=\"h-time small\">2022-01-04 11:25</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body><b>Summary</b></p><p><blockquote><html><head></head><body><b>总结</b></body></html></blockquote></p><p><ul><li>Apple stock received a lot of interest recently as it surged in early December and has maintained its market outperformance.</li><li>We discuss the critical drivers for investors to watch moving into 2022.</li><li>We also discuss whether Apple stock is likely to reach $200 moving forward.</li></ul><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9e9d29c6db997dd98e087415e7e2acfe\" tg-width=\"1536\" tg-height=\"1036\" referrerpolicy=\"no-referrer\"/><span>Justin Sullivan/Getty Images News</span></p><p><blockquote><ul><li>苹果股票最近受到了很多关注，因为它在12月初飙升，并保持了优于市场的表现。</li><li>我们讨论了投资者进入2022年需要关注的关键驱动因素。</li><li>我们还讨论了苹果股价未来是否有可能达到200美元。</li></ul><p class=\"t-img-caption\"><span>贾斯汀·沙利文/盖蒂图片社新闻</span></p></blockquote></p><p><b>Investment Thesis</b></p><p><blockquote><b>投资论文</b></blockquote></p><p>Apple Inc. (AAPL) has recently drawn significant interest among investors as the stock has continued to outperform the market since early December. It's notable since AAPL stock has lagged the market for almost the whole year. However, investors' interests spiked following the series of successful new product launches, including its pivotal iPhone 13.</p><p><blockquote>苹果公司（AAPL）最近引起了投资者的极大兴趣，因为该股自12月初以来持续跑赢大盘。这一点值得注意，因为苹果公司的股票几乎全年都落后于市场。然而，在一系列成功推出新产品（包括关键的iPhone 13）后，投资者的兴趣激增。</blockquote></p><p>Supply chain checks from numerous sell-side analysts have also demonstrated that the delays over its iPhones have improved markedly. In addition, Goldman Sachs also highlighted that lead times were down significantly in mid-December as Apple continues to leverage strong iPhone demand in its most crucial calendar quarter.</p><p><blockquote>众多卖方分析师的供应链检查也表明，其iPhone的延迟已显着改善。此外，高盛还强调，由于苹果在其最关键的日历季度继续利用强劲的iPhone需求，交货时间在12月中旬大幅下降。</blockquote></p><p>AAPL stock continues to hold its price steadily, briefly topped a $3T market cap milestone. However, there shouldn't be any doubt that AAPL stock has had an unmistakable long-term uptrend over the years. Moreover, given that the company has multiple long-term secular drivers driving its business model, we are confident that the stock can reach $200 in 2022.</p><p><blockquote>AAPL股票继续保持价格稳定，市值一度突破3T美元的里程碑。然而，毫无疑问，苹果公司的股票多年来一直具有明显的长期上升趋势。此外，鉴于该公司有多个长期长期驱动因素推动其商业模式，我们有信心该股在2022年能够达到200美元。</blockquote></p><p>We discuss these critical drivers for AAPL stock as we head into 2022 with the $3T market cap looking over the horizon.</p><p><blockquote>随着3T美元市值即将进入2022年，我们将讨论AAPL股票的这些关键驱动因素。</blockquote></p><p><b>Services Revenue Growth Could Have Been Significantly Understated</b></p><p><blockquote><b>服务收入增长可能被大大低估</b></blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0a837d0ef4f22be5610e00a0a6c3b6a5\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"/><span>Apple revenue and adjusted EBITDA mean consensus estimates. Data source: S&P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>苹果收入和调整后EBITDA意味着共识预期。数据来源：标普资本智商</span></p></blockquote></p><p>Apple bears have often pointed out the deceleration in the company's topline growth as proof of a stock that is massively overvalued. It's easy to understand what they mean. Readers can refer to the chart above, where Apple's revenue growth is estimated to decelerate over the next three years. Consensus estimates point to a revenue CAGR of just 4.6% through FY24. Moreover, its adjusted EBITDA margins are likely to remain consistent. But, AAPL is not projected to gain leverage towards its profitability. Hence, bearish investors claim they don't understand how the Cupertino company can continue to justify its current valuation.</p><p><blockquote>看空苹果的人经常指出，该公司营收增长放缓证明该股被严重高估。很容易理解他们的意思。读者可以参考上图，苹果的收入增长预计将在未来三年内减速。普遍估计表明，到2024财年，收入复合年增长率仅为4.6%。此外，其调整后的EBITDA利润率可能会保持一致。但是，苹果公司预计不会获得盈利能力。因此，看跌的投资者声称他们不明白库比蒂诺公司如何继续证明其当前估值的合理性。</blockquote></p><p>But, we think investors need to step back and consider the critical growth drivers for AAPL moving forward. So let us present our analysis.</p><p><blockquote>但是，我们认为投资者需要退后一步，考虑苹果公司未来的关键增长动力。因此，让我们提出我们的分析。</blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3850a7b0d906064e94b474a4f50c3fd4\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"/><span>Apple iPhone and services revenue estimates. Data source: Trefis, author</span></p><p><blockquote><p class=\"t-img-caption\"><span>苹果iPhone和服务收入估计。数据来源：Trefis，作者</span></p></blockquote></p><p>Readers can refer to the above model, where iPhone's revenue is estimated to increase at a CAGR of just 2.2% over the next five years. However, Apple's services segment (including App Store's revenue) is projected to increase its revenue at a CAGR of 11% through FY26, reaching $115B. We think these estimates are relatively conservative. Based on these estimates, a SOTP implied fair value of $159 was reached for AAPL stock. It also includes other segments but was mainly driven by the two critical segments above. iPhone and services accounted for 43% and 25% of its SOTP valuation.</p><p><blockquote>读者可以参考上述模型，iPhone的收入预计未来五年复合年增长率仅为2.2%。然而，苹果的服务部门（包括App Store的收入）预计到2026财年其收入将以11%的复合年增长率增长，达到$115B。我们认为这些估计相对保守。根据这些估计，AAPL股票的SOTP隐含公允价值为159美元。它还包括其他细分市场，但主要由上述两个关键细分市场驱动。iPhone和服务分别占其SOTP估值的43%和25%。</blockquote></p><p>But, we believe that these estimates may not have captured the multiple growth drivers underpinning the App Store. Why?</p><p><blockquote>但是，我们认为这些估计可能没有抓住支撑App Store的多种增长动力。为什么？</blockquote></p><p>Based on recent estimates by Sensor Tower, App Store's revenue is estimated to increase at a CAGR of 20.7% through CY25, reaching $185B. Notably, it's way ahead of the estimate of $115B that we discussed earlier for the entire services segment. Importantly, we have not even included revenue from the other services other than App Store's contribution. Therefore, we think that readers need to consider that the Street consensus may have significantly underestimated the prowess of Apple's highly profitable (estimated operating margin > 70%) App Store.</p><p><blockquote>根据Sensor Tower最近的估计，App Store的收入预计到2025年将以20.7%的复合年增长率增长，达到1850亿美元。值得注意的是，这远远超出了我们之前讨论的整个服务领域115B美元的估计。重要的是，我们甚至没有包括除App Store贡献之外的其他服务的收入。因此，我们认为读者需要考虑到，街头共识可能大大低估了苹果高利润（估计营业利润率>70%）应用商店的实力。</blockquote></p><p>We are not saying that Sensor Tower's estimate is the source of truth. But, we wanted to highlight that investors should pay more attention to Apple's key services segment. Sensor Tower presented a region by region breakdown, which we thought seemed credible, and we encourage investors to monitor closely.</p><p><blockquote>我们并不是说传感器塔的估计是事实的来源。但是，我们想强调的是，投资者应该更多地关注苹果的关键服务领域。Sensor Tower按地区进行了细分，我们认为这似乎可信，我们鼓励投资者密切关注。</blockquote></p><p><b>Don't Ignore Apple's Metaverse Ambitions</b></p><p><blockquote><b>不要忽视苹果的元宇宙野心</b></blockquote></p><p></p><p>Renowned TF International Securities analyst Ming-Chi Kuo estimated that Apple's AR/VR device would be released sometime in Q4'22. We believe this is significant as it augurs well for Apple's ambitions into the metaverse. There's little doubt that Meta Platforms (FB) and Microsoft(MSFT) are strengthening their lead in the consumer and commercial AR/VR space.According to TrendForce, global AR/VR device shipment is estimated to reach 12.02M units, up 26.4% YoY in 2022. Moreover, the market is estimated to grow rapidly through 2025, reaching 25.76M units at a CAGR of 38.8%. Notably, it expects Meta's Oculus devices to maintain a 66% consumer market share. But, TrendForce also noted that (edited):</p><p><blockquote>著名天风国际证券分析师郭明錤估计，苹果的AR/VR设备将于22年第四季度的某个时候发布。我们认为这意义重大，因为它预示着苹果进军虚拟宇宙的雄心。毫无疑问，Meta Platforms(FB)和微软(MSFT)正在巩固其在消费者和商业AR/VR领域的领先地位。根据TrendForce的数据，2022年全球AR/VR设备出货量预计将达到1202万台，同比增长26.4%。此外，预计到2025年，该市场将快速增长，达到2576万辆，CAGR为38.8%。值得注意的是，预计Meta的Oculus设备将保持66%的消费者市场份额。但是，TrendForce还指出（编辑）：</blockquote></p><p>AR/VR device suppliers may look to expand their user base and increase their market penetration via low-priced yet high-spec devices,<i>while compensating for their reduced hardware profitability through software sales</i>. (TrendForce)Software sales indeed. Apple runs the largest mobile ecosystem globally, which dwarfs Google Play's (GOOG) (GOOGL) revenue. Therefore, we believe the entry of Apple into the metaverse game could significantly raise the company's monetization opportunities. Theories that Meta Platform has ambitions to displace Apple as the next-gen computing platform abound. However, we have also discussed thatMeta Platforms' eventual metaverse will unlikely be the only virtual world we will ever experience. Instead, the metaverse will likely be a series of interconnected virtual worlds that will be interoperable. So, Apple could still be the critical ecosystem owner as creators build their virtual worlds to be monetized through the App Store, reaching out to Apple's more than 1B (and growing) installed base.</p><p><blockquote>AR/VR设备供应商可能希望通过低价但高规格的设备扩大其用户群并提高其市场渗透率，<i>同时通过软件销售弥补硬件盈利能力的下降</i>.(TrendForce)确实是软件销售。苹果运营着全球最大的移动生态系统，这使得Google Play(GOOG)（GOOGL）的收入相形见绌。因此，我们认为苹果进入元宇宙游戏可能会显着提高该公司的货币化机会。关于Meta Platform有雄心取代苹果成为下一代计算平台的理论比比皆是。然而，我们也讨论过Meta Platforms最终的元宇宙不太可能是我们体验过的唯一虚拟世界。相反，元宇宙很可能是一系列可互操作的互联虚拟世界。因此，苹果仍然可能是关键的生态系统所有者，因为创作者构建他们的虚拟世界，通过App Store赚钱，接触到苹果超过1B（并且不断增长）的安装基础。</blockquote></p><p>TrendForce also added that global VR content revenue is estimated to grow at a rapid 40% CAGR through 2025, reaching $8.3B. The content will be varied but primarily consisting of "gaming/entertainment, videos, and social interactions." Therefore, Apple can continue to leverage such opportunities through its massive ecosystem. We think these opportunities are so novel that it hasn't even been written into Apple's consensus estimates just yet. But, once Apple's AR/VR devices are launched, we believe that the revenue runway could become even more apparent. However, we must still caution that we are still very early into Apple's metaverse ambitions. But, we believe that Apple will be a critical player in defining the metaverse through its ecosystem. It won't be very smart to consider that Apple doesn't have a clearly-defined metaverse strategy.</p><p><blockquote>TrendForce还补充说，预计到2025年，全球VR内容收入将以40%的复合年增长率快速增长，达到83亿美元。内容多种多样，但主要由“游戏/娱乐、视频和社交互动”组成。因此，苹果可以通过其庞大的生态系统继续利用此类机会。我们认为这些机会非常新颖，甚至还没有被写入苹果的共识估计中。但是，一旦苹果的AR/VR设备推出，我们相信收入跑道可能会变得更加明显。然而，我们仍然必须警告，我们对苹果的元宇宙雄心还为时过早。但是，我们相信苹果将成为通过其生态系统定义虚拟宇宙的关键参与者。考虑到苹果没有明确定义的元宇宙战略，这并不是很明智。</blockquote></p><p><b>So, is AAPL Stock a Buy Now?</b></p><p><blockquote><b>那么，AAPL股票现在值得买入吗？</b></blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6087fafa5c6ee0f2958f8d29919c3eb5\" tg-width=\"640\" tg-height=\"384\" referrerpolicy=\"no-referrer\"/><span>AAPL stock EV/NTM EBIT, and Normalized P/E (NTM) 3Y mean.</span></p><p><blockquote><p class=\"t-img-caption\"><span>AAPL股票EV/NTM息税前利润和标准化市盈率(NTM)3年平均值。</span></p></blockquote></p><p>If you consider AAPL stock's relative valuation against its 3Y mean, there's little doubt that AAPL stock seems expensive. It's trading at an EV/NTM EBIT of 26x, way above its 3Y mean of 19.3x. In addition, its normalized P/E (NTM) also read 31.2x, significantly ahead of its 3Y mean of 23.9x. Therefore, we wouldn't blame bearish investors who think that AAPL stock seems well overvalued now.</p><p><blockquote>如果你考虑AAPL股票与其3年平均值的相对估值，毫无疑问，AAPL股票似乎很昂贵。其EV/NTM息税前利润为26倍，远高于19.3倍的3年平均水平。此外，其标准化市盈率(NTM)也为31.2倍，远高于23.9倍的3年平均值。因此，我们不会责怪那些认为苹果公司股票现在似乎被高估的看跌投资者。</blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2c889e6a8aa5fe9751c5d695481f9d3b\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"/><span>Apple unlevered FCF estimates. Data source: S&P Capital IQ, author</span></p><p><blockquote><p class=\"t-img-caption\"><span>苹果无杠杆自由现金流估计。数据来源：标普资本智商，作者</span></p></blockquote></p><p>However, we also estimated that AAPL stock would continue to generate robust FCF growth over time. Moreover, our model is even more conservative than the consensus estimates. In addition, we have also not considered Sensor Tower's estimates or Apple's metaverse opportunities that we discussed earlier. Nevertheless, it led us towards a DCF implied fair value estimate of $153, which we highlighted in our previous article. It's also quite close to our SOTP implied fair value of $159 that we showed earlier. Therefore, it's clear that these estimates have not factored for the robust services growth and the potential metaverse opportunities that could accrue to Apple over the next five to ten years.</p><p><blockquote>然而，我们还估计，随着时间的推移，AAPL股票将继续产生强劲的自由现金流增长。此外，我们的模型甚至比共识估计更加保守。此外，我们也没有考虑Sensor Tower的估计或我们之前讨论的苹果元宇宙机会。尽管如此，它使我们得出了153美元的DCF隐含公允价值估计，这是我们在上一篇文章中强调的。它也非常接近我们之前显示的SOTP隐含公允价值159美元。因此，很明显，这些估计没有考虑到苹果在未来五到十年内可能带来的强劲服务增长和潜在的元宇宙机会。</blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/de1380b774a68d31c93eaf939fb99e27\" tg-width=\"640\" tg-height=\"347\" referrerpolicy=\"no-referrer\"/><span>AAPL stock price action.</span></p><p><blockquote><p class=\"t-img-caption\"><span>苹果公司股价走势。</span></p></blockquote></p><p>Nevertheless, we think that AAPL stock looks extended, as seen above. But, as mentioned, it wouldn't be very smart for investors to bet against CEO Tim Cook & Co. The stock's long-term uptrend is clear for all to observe.</p><p><blockquote>尽管如此，我们认为苹果公司的股票看起来会上涨，如上所示。但是，如前所述，投资者做空首席执行官蒂姆·库克公司并不是很明智。该股的长期上升趋势有目共睹。</blockquote></p><p></p><p>So, we are clear that the stock would likely break the $200 level in 2022 as the excitement surrounding its AR/VR launch gets closers, coupled with its services segment revenue growth in its earnings releases. As a result, we believe that AAPL's stock price could be re-rated to reflect its potential over the next year.</p><p><blockquote>因此，我们很清楚，随着围绕其AR/VR发布的兴奋越来越近，再加上其财报中服务部门收入的增长，该股可能会在2022年突破200美元的水平。因此，我们认为苹果公司的股价可能会重新评级，以反映其明年的潜力。</blockquote></p><p>Nevertheless, due to its over-extended price action, we encourage some patience with AAPL stock. But, if you have no AAPL stock, we think you can consider adding at this price if you are a long-term investor. We don't believe it's significantly overvalued, as discussed earlier. But, if you already have considerable exposure relative to your portfolio, we think you can wait for a potentially better entry point with some patience.</p><p><blockquote>尽管如此，由于其过度的价格走势，我们鼓励对AAPL股票保持一定的耐心。但是，如果您没有AAPL股票，我们认为如果您是长期投资者，您可以考虑以这个价格买入。正如前面讨论的，我们不认为它被严重高估。但是，如果您相对于您的投资组合已经拥有相当大的敞口，我们认为您可以耐心等待潜在的更好的切入点。</blockquote></p><p>Therefore, we reiterate our Neutral rating on AAPL stock for now.</p><p><blockquote>因此，我们暂时重申对AAPL股票的中性评级。</blockquote></p><p>This article was written by JR Research.</p><p><blockquote>本文由JR Research撰写。</blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4477741-apple-stock-reach-200-in-2022\">Seeking Alpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://seekingalpha.com/article/4477741-apple-stock-reach-200-in-2022","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1179133564","content_text":"SummaryApple stock received a lot of interest recently as it surged in early December and has maintained its market outperformance.We discuss the critical drivers for investors to watch moving into 2022.We also discuss whether Apple stock is likely to reach $200 moving forward.Justin Sullivan/Getty Images NewsInvestment ThesisApple Inc. (AAPL) has recently drawn significant interest among investors as the stock has continued to outperform the market since early December. It's notable since AAPL stock has lagged the market for almost the whole year. However, investors' interests spiked following the series of successful new product launches, including its pivotal iPhone 13.Supply chain checks from numerous sell-side analysts have also demonstrated that the delays over its iPhones have improved markedly. In addition, Goldman Sachs also highlighted that lead times were down significantly in mid-December as Apple continues to leverage strong iPhone demand in its most crucial calendar quarter.AAPL stock continues to hold its price steadily, briefly topped a $3T market cap milestone. However, there shouldn't be any doubt that AAPL stock has had an unmistakable long-term uptrend over the years. Moreover, given that the company has multiple long-term secular drivers driving its business model, we are confident that the stock can reach $200 in 2022.We discuss these critical drivers for AAPL stock as we head into 2022 with the $3T market cap looking over the horizon.Services Revenue Growth Could Have Been Significantly UnderstatedApple revenue and adjusted EBITDA mean consensus estimates. Data source: S&P Capital IQApple bears have often pointed out the deceleration in the company's topline growth as proof of a stock that is massively overvalued. It's easy to understand what they mean. Readers can refer to the chart above, where Apple's revenue growth is estimated to decelerate over the next three years. Consensus estimates point to a revenue CAGR of just 4.6% through FY24. Moreover, its adjusted EBITDA margins are likely to remain consistent. But, AAPL is not projected to gain leverage towards its profitability. Hence, bearish investors claim they don't understand how the Cupertino company can continue to justify its current valuation.But, we think investors need to step back and consider the critical growth drivers for AAPL moving forward. So let us present our analysis.Apple iPhone and services revenue estimates. Data source: Trefis, authorReaders can refer to the above model, where iPhone's revenue is estimated to increase at a CAGR of just 2.2% over the next five years. However, Apple's services segment (including App Store's revenue) is projected to increase its revenue at a CAGR of 11% through FY26, reaching $115B. We think these estimates are relatively conservative. Based on these estimates, a SOTP implied fair value of $159 was reached for AAPL stock. It also includes other segments but was mainly driven by the two critical segments above. iPhone and services accounted for 43% and 25% of its SOTP valuation.But, we believe that these estimates may not have captured the multiple growth drivers underpinning the App Store. Why?Based on recent estimates by Sensor Tower, App Store's revenue is estimated to increase at a CAGR of 20.7% through CY25, reaching $185B. Notably, it's way ahead of the estimate of $115B that we discussed earlier for the entire services segment. Importantly, we have not even included revenue from the other services other than App Store's contribution. Therefore, we think that readers need to consider that the Street consensus may have significantly underestimated the prowess of Apple's highly profitable (estimated operating margin > 70%) App Store.We are not saying that Sensor Tower's estimate is the source of truth. But, we wanted to highlight that investors should pay more attention to Apple's key services segment. Sensor Tower presented a region by region breakdown, which we thought seemed credible, and we encourage investors to monitor closely.Don't Ignore Apple's Metaverse AmbitionsRenowned TF International Securities analyst Ming-Chi Kuo estimated that Apple's AR/VR device would be released sometime in Q4'22. We believe this is significant as it augurs well for Apple's ambitions into the metaverse. There's little doubt that Meta Platforms (FB) and Microsoft(MSFT) are strengthening their lead in the consumer and commercial AR/VR space.According to TrendForce, global AR/VR device shipment is estimated to reach 12.02M units, up 26.4% YoY in 2022. Moreover, the market is estimated to grow rapidly through 2025, reaching 25.76M units at a CAGR of 38.8%. Notably, it expects Meta's Oculus devices to maintain a 66% consumer market share. But, TrendForce also noted that (edited):AR/VR device suppliers may look to expand their user base and increase their market penetration via low-priced yet high-spec devices,while compensating for their reduced hardware profitability through software sales. (TrendForce)Software sales indeed. Apple runs the largest mobile ecosystem globally, which dwarfs Google Play's (GOOG) (GOOGL) revenue. Therefore, we believe the entry of Apple into the metaverse game could significantly raise the company's monetization opportunities. Theories that Meta Platform has ambitions to displace Apple as the next-gen computing platform abound. However, we have also discussed thatMeta Platforms' eventual metaverse will unlikely be the only virtual world we will ever experience. Instead, the metaverse will likely be a series of interconnected virtual worlds that will be interoperable. So, Apple could still be the critical ecosystem owner as creators build their virtual worlds to be monetized through the App Store, reaching out to Apple's more than 1B (and growing) installed base.TrendForce also added that global VR content revenue is estimated to grow at a rapid 40% CAGR through 2025, reaching $8.3B. The content will be varied but primarily consisting of \"gaming/entertainment, videos, and social interactions.\" Therefore, Apple can continue to leverage such opportunities through its massive ecosystem. We think these opportunities are so novel that it hasn't even been written into Apple's consensus estimates just yet. But, once Apple's AR/VR devices are launched, we believe that the revenue runway could become even more apparent. However, we must still caution that we are still very early into Apple's metaverse ambitions. But, we believe that Apple will be a critical player in defining the metaverse through its ecosystem. It won't be very smart to consider that Apple doesn't have a clearly-defined metaverse strategy.So, is AAPL Stock a Buy Now?AAPL stock EV/NTM EBIT, and Normalized P/E (NTM) 3Y mean.If you consider AAPL stock's relative valuation against its 3Y mean, there's little doubt that AAPL stock seems expensive. It's trading at an EV/NTM EBIT of 26x, way above its 3Y mean of 19.3x. In addition, its normalized P/E (NTM) also read 31.2x, significantly ahead of its 3Y mean of 23.9x. Therefore, we wouldn't blame bearish investors who think that AAPL stock seems well overvalued now.Apple unlevered FCF estimates. Data source: S&P Capital IQ, authorHowever, we also estimated that AAPL stock would continue to generate robust FCF growth over time. Moreover, our model is even more conservative than the consensus estimates. In addition, we have also not considered Sensor Tower's estimates or Apple's metaverse opportunities that we discussed earlier. Nevertheless, it led us towards a DCF implied fair value estimate of $153, which we highlighted in our previous article. It's also quite close to our SOTP implied fair value of $159 that we showed earlier. Therefore, it's clear that these estimates have not factored for the robust services growth and the potential metaverse opportunities that could accrue to Apple over the next five to ten years.AAPL stock price action.Nevertheless, we think that AAPL stock looks extended, as seen above. But, as mentioned, it wouldn't be very smart for investors to bet against CEO Tim Cook & Co. The stock's long-term uptrend is clear for all to observe.So, we are clear that the stock would likely break the $200 level in 2022 as the excitement surrounding its AR/VR launch gets closers, coupled with its services segment revenue growth in its earnings releases. As a result, we believe that AAPL's stock price could be re-rated to reflect its potential over the next year.Nevertheless, due to its over-extended price action, we encourage some patience with AAPL stock. But, if you have no AAPL stock, we think you can consider adding at this price if you are a long-term investor. We don't believe it's significantly overvalued, as discussed earlier. But, if you already have considerable exposure relative to your portfolio, we think you can wait for a potentially better entry point with some patience.Therefore, we reiterate our Neutral rating on AAPL stock for now.This article was written by JR Research.","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":3217,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":47,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/695024749"}
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