Apple’s stock has gained major gains this year, but some traders are worried whether its bullish run will continue and was trading modestly higher in the previous session.
Share of major tech company, Apple has risen a little above 50 percent so far this year, placing the stock on track for its best performance for this year since 2010. During that time, the company has added a whopping $284.7 billion in its market cap.
This sounds like the company has this in the bag but some strategist and portfolio managers are concerned that the stock may have ran too far too fast and might easily burn out.
Mike Binger, senior portfolio manager at Gradient Investments states that Apple is on an epic run for now, it has seen almost 50 percent increase this year, but Apple has a very distinct pattern which overlaps their iPhone rollouts.
Binger pointed out that the company’s earning have reflected growth for the year and for 2018, but said he believes that they will slow down in the fiscal year 2019. The Stock was trading modestly higher on Wednesday.
Around 1 year ago, Wall Street analyst placed their price target on Apple at $130 per share, the stock is now trading about 34 percent above those levels. The overwhelming bullish view on the stock is one concerning factor.
Indeed, no analysts listed on FactSet gave the stock a “sell” rating. The consensus is mostly “buy” with several “hold” and three “overweight” ratings.