Apple Reaches New High Amid Strong Demand and Valuation Concerns

Apple's stock has reached a new 52-week high of $345.34 during mid-day trading on Tuesday, following a strong demand for its iPhone 18 Pro model. According to JPMorgan, average delivery times have increased to 23 days from seven days during the first preorder week, suggesting supply is lagging demand.

JPMorgan's bullish commentary reinforces expectations for a strong upgrade cycle and supports Apple's long-term investment case, which includes its services ecosystem, cash generation, and share repurchases. Analyst sentiment remains favorable, with Evercore ISI raising its price target to $380.

However, valuation concerns are growing as AAPL approaches its high, with a P/E near 39 and a PEG ratio near 3. Some analysts argue that much of the iPhone and AI optimism is already reflected in the price, creating a profit-taking risk after the strong run.