IMO APPL has much more downside risk than upside benefit at this price. Yes, they have a locked-in consumer customer base, but they are very much resting on the

IMO APPL has much more downside risk than upside benefit at this price. Yes, they have a locked-in consumer customer base, but they are very much resting on their laurels. That would be fine, but not at this kind of multiple, in my opinion. Too much risk of them becoming "uncool", no longer the default choice, increasingly less frenetic phone upgrade cycles, etc. They have very strong competition on the hardware side as well IMO, especially with the rise of folding phones and the like offering something that you simply can't get with apple. Of course, they can always produce one, but..