New report finds Apple stock is 'cheap' relative to broader market and its peers (via CNBCFuturesNow)
The Bespoke Investment Group's Paul Hickey compared P/E ratios of S&P 500 components to Apple." When you look at Apple, it's cheap relative to the broader market," the firm's co-founder said Friday on CNBC's "In a special chart, Hickey shows Apple is well below average in relation to the current multiple of every S&P 500 stock.
And, it's not just the overall market. According to Hickey, the iPhone maker also trades at a 25% discount to the average technology stock. Plus, his report found Apple is trading at a "big discount" to the average consumer product stock. It's a pertinent data point as more investors, as well as CEO Tim Cook, sees it more as a consumer product company.
"You could just compare Apple to any other sector, and it's trading at a cheaper multiple," he added. "Even mega caps in the
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