(NASDAQ: AAPL) stock rose 48% in 2023 and helped the S 500 index surge back to its 2021 highs in December. The iPhone maker has one of the most loyal customer bases -- and an incredibly strong brand because of it -- but the stock's climb last year is somewhat puzzling, considering the company's recent sales decline.
Why are investors bidding the shares higher? Is it safe to buy at these highs? Here's what you need to know.
Slowing sales growth wouldn't seem to support a stock hitting new highs and trading at a high valuation of 30 times next year's earnings estimates. However, iPhone sales, which make up almost half of Apple's business, hit a new record in the fiscal fourth quarter ending in September, returning to growth after sales declined for the full fiscal year.
Source Fool.com