Despite certain U.S. banks going under and a substantial slowdown in economic expansion during the first quarter of 2023,  (NASDAQ: AAPL) had a great beginning to the year. Its stock rose by an impressive 39% year to date compared to the S 500's 10%.

Investors hold varied opinions on whether the stock is fairly valued or overvalued, given its price-to-earnings (P/E) ratio of 29.8, which surpasses the stock's median P/E ratio of 17 over the past 10 years and the P/E ratio of the S 500, which is 24.4. Nevertheless, despite not being available at a discounted price, Apple remains a top stock to purchase. Here's why.

With a market capitalization of $2.7 trillion, Apple is the world's most valuable company. Despite concerns about its sheer size and maturity hindering its ability to generate revenue and profit growth, it's worth noting that iOS remains the dominant operating system in the U.S., and the company has the potential for solid international expansion against Android, which currently holds near 70% of the global market share. So although it may be pushing up against market saturation limits within U.S. markets, it still has plenty of room for needle-moving growth internationally, especially in emerging markets.

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Source Fool.com