On Friday, Apple Inc. (NASDAQ:AAPL) shares edged slightly lower despite the news it topped Chinese smartphone sales for the second month running. The technology giant is tipped to eclipse the $3 trillion market cap soon after surging more than 37% this year.
According to a report by Counterpoint Research, Apple accounted for 23.6% of the Chinese smartphone market in November, rising from 22% in October. In another report, Wall Street Journal said Apple’s closest rival was the local smartphone maker, Vivo, with 17.8%.
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The iPhone maker’s gigantic market share is driven by an increase in demand for its latest model, the iPhone 13.
Is it too late to buy Apple stock?
From an investment perspective, Apple shares trade at reasonable trailing 12-month and forward P/E ratios of 31.78 and 28.83, respectively. Therefore, the stock could be an interesting option for value investors.
On the other hand, analysts expect its earnings per share to grow by more than 71% this year, before rising at an average annual rate of about 16% over the next five years.
Therefore, long-term growth investors could also find the stock as an exciting option for their portfolios.
Technically, Apple shares seem to be trading within an ascending channel formation in the intraday chart. However, the stock recently pulled back to avoid rallying deep into the overbought conditions of the 14-day RSI.
Therefore, investors could target rebound profits at about $182.50, or higher at $187.32, while $173.07 and $168.04 are crucial support levels.
Where to buy right now
To invest simply and easily, users need a low-fee broker with a track record of reliability. The following brokers are highly rated, recognised worldwide, and safe to use: