The stock has soared 74% this year, easily the best performer on the Dow and tracking for its best annual increase in a decade. Those gains have added $473 billion to its market cap, the equivalent of nearly doubleThis could be as good as it gets for Apple right now, says JC O'Hara, chief market technician at MKM Partners.
"Historically when Apple reaches these heights, it's vulnerable over the next few months of actually consolidating sideways," said O'Hara. "While we're not negative on Apple, we just think it might be vulnerable for a little back-and-filling because it might become a victim of its own success here." "2019 was about the rise of the services, so the company rerated from almost 11 times [forward earnings] to 20 times because they convinced the marketplace that they were now a recurring services company with stable revenue," said Chiavarone."What's going to be interesting as we go to 2020, I think it's going to be the revenge of the hardware.
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