AAPL Slips on Valuation Concerns Amid Foldable Device Hype

Apple's stock traded lower in premarket trading on Monday after Morgan Stanley analyst Erik Woodring expressed caution about valuations. Woodring said Apple shares have already rallied sharply ahead of the iPhone launch and now trade at a 'relatively rich valuation'.

The Duo foldable device, set to be released mid-October, was praised by CNBC's Jim Cramer as a 'revolutionary' product. He highlighted its display and crease-free design, saying it could become useful for travel, entertainment, and multitasking.

Woodring said investors should watch whether iPhone lead times rise or begin to fall about two weeks after availability, when they typically peak. He also noted that Apple's Services business is expected to experience a slowdown in growth.