Apple shares recently fell 1.3% to $530.50. The stock is up about 20% over the past 12 months, although it remains well off its record high above $700 hit in September 2017.
苹果的股价最近下跌了1.3%,至530.50美元。该股在过去12个月上涨了约20%,但仍远低于其在2017年9月创下的逾700美元的纪录高点。
One of the bullish views on Apple in recent months has been the company's relatively cheap valuation compared to its peers. It trades at about 12 times future earnings, according to FactSet, less than the price-to-earnings ratios of Microsoft, Google Inc. and Facebook Inc.
最近几个月,看好苹果股票的观点之一就是该股的估值与同类股相比较为便宜。FactSet的数据显示,苹果的预期市盈率约为12倍,低于微软、谷歌(Google Inc.)和Facebook Inc.。
Barclays isn't convinced. 'We believe the valuation argument is becoming less and less helpful,' the firm said. 'Furthermore, we look at a valuation analogy vs. Microsoft from 2000 to about 2010 and see no precedent that large-size tech companies simply start to broadly outperform again after a tough year or two if the law of large numbers is catching up to them and margins have peaked.'
巴克莱并不认同这种看法。该行称,我们相信估值偏低的说法会越来越没有意义。另外,我们对2000年至2010前后的苹果与微软的估值进行了对比,发现如果符合大数定律且利润率已达到峰值,没有大型科技公司在度过艰难的一两年后能再度表现出众的先例。
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