Apple's average analyst price target of $319 has fallen below its current stock price of ~$320, an unusual situation for a major tech company. While 47 analysts still rate it a buy overall, the flat consensus suggests the stock's valuation multiple has already expanded significantly. With the company trading at 40x earnings and sitting 4% from record highs, the upcoming July 30 earnings report carries heightened importance, as good news may only confirm what's already priced in rather than drive further gains.
Axe note: Apple trades near record highs with mixed analyst targets, leaving little room for surprise.