Apple (AAPL) shares pulled back following a rocky week for markets as the Federal Reserve hinted at an earlier liftoff on interest rates for the year, but not before it became the first company to reach a $3 trillion market cap. According to Independent Solutions Wealth Management portfolio manager Paul Meeks, however, Apple stock is nowhere near a good deal right now.
“I think it’s just a number,” Meeks told Yahoo Finance Live. “And I think that at $3 trillion market cap, even though Apple has been an iconic American tech company forever and ever — so impressive what they’ve done in the past — I think it’s very expensive now as a tech investor, and I manage a lot of tech money for folks.”
And although Meeks said Apple remains one of the major players in the tech industry, it still does not rank among his top picks.“You know, I have to own it, right? It’s a big piece of my benchmark,” he added. “But among the tech names, large, medium, and small, it’s not even on my best list. I think the stock is overpriced right now and significantly so.”
