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Shares of Apple (AAPL) rallied to a record high last Friday and are up +49% this year. Apple, the world’s largest stock, is the first company to exceed $3 trillion in market value. However, Apple’s share price is nearly +3% above the average analyst price target, raising concerns the stock may be overbought in the near term.
Despite the surge in Apple to a record high, most analysts are less bullish on the stock than some of its peers. Just 68% of the firms tracked by Bloomberg recommend buying Apple, compared with at least 85% for Alphabet (GOOGL), Amazon.com (AMZN), and Microsoft (MSFT). Also, Apple’s consensus rating, a proxy for its ratio of buy, hold, and sell ratings, is near its lowest since November 2020.