Skip to contentHome page Seeking Alpha - Power to InvestorsNov 02, 2026, 6:50 PM ETApple Inc. (AAPL) Stock, AAPL:CA Stock, ZAAP:CA Stock1 CommentAgar Capital5.99K FollowersSummaryApple Inc. delivered record quarterly revenue and beat iPhone, Mac, and overall EPS expectations, yet valuation concerns temper enthusiasm.I downgrade AAPL stock from Strong Buy to Hold, citing a 35x forward P/E, slowing Services growth, and margin risks from temporary factors and rising costs.Services, while only 27.6% of revenue, generate 43.7% of gross profit; decelerating growth and regulatory pressures pose significant risks to AAPL’s premium multiple.Apple’s prudent AI investment strategy preserves free cash flow, but evolving AI dynamics and ecosystem control could challenge future profit streams.Mario Tama/Getty Images NewsThe Price of PerfectionApple Inc. (AAPL) just reported record September-quarter revenue of $114.5 billion, delivered a gross margin within its guidance range, and generated more iPhone revenue than analysts had anticipated. Most publicly traded companies couldThis article was written byAgar Capital5.99K FollowersAgar Capital is a portfolio manager with experience across asset allocation, portfolio construction, macroeconomic research and fundamental equity analysis. Agar Capital currently works in European asset management, with a focus on multi-asset strategies, dynamic asset allocation, macro-driven positioning and equity selection.The investment approach combines bottom-up fundamental analysis, valuation and macroeconomic research, with a particular focus on growth, momentum and long-only strategies. Areas of research include technology, macroeconomics, portfolio strategy and selected commodity themes.Professional training includes Bloomberg Market Concepts, Bloomberg ESG certification and ESG-related corporate finance studies.Associated with Trade The NarrativeAnalyst’s Disclosure: I/we have a beneficial long position in the shares of AAPL either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.Comment(1)To ensure this doesn’t happen in the future, please enable Javascript and cookies in your browser.Is this happening to you frequently? Please report it on our feedback forum.If you have an ad-blocker enabled you may be blocked from proceeding. Please disable your ad-blocker and refresh.