Apple shares touch $600, but stock is still cheap

“It sounds like a broken record, another day, another new high for Apple’s stock. After crossing $400 on December 23, $500 on February 13, and $550 on March 12, Apple touched the $600 mark in pre-market trading this morning— though it pulled back in early regular trading,” Panos Mourdoukoutas reports for Forbes. “Apple is still trading well above its 200, 100, and 50-day moving averages, gaining roughly 65 percent for the last 12 months compared to an almost 7 percent gain for Google, a 10 percent gain for the overall Nasdaq100, and a 40 percent decline for Hewlett-Packard.”
“Even after this big run up, Apple trades at a Forward PE (fye Sep 24, 2013) of 11.54. This means that the stock is still inexpensive compared to Google and the Nasdaq100,” Mourdoukoutas reports. “Apple is firing on all cylinders, with its Mac products gaining in popularity among corporate users, and its iPhone 4S gaining popularity in Asia-Pacific, where Apple has a huge room to grow, both in the short-term and in the long-term; and still has a host of new products on the pipeline to capture and captivate its customers’ imagination.”

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