'By any metric, the multiple is very rich,' A.B. Bernstein analyst Toni Sacconaghi told CNBC.
"By any metric, the multiple is very rich," Sacconaghi said on ". "It's off the charts relative to its five-year history, which is when Apple's had more modest growth."
"Yes, iPhones were much stronger than expected," Sacconaghi added. "But let's not forget they were down 16% last year, so iPhones are still lower than they were two years ago, which wasn't even a peak cycle for Apple." He hiked his price target on Apple three times from early October to early January, but his estimates often closely mirrored where the stock was trading.from $225 to $250. Apple closed at $255 per share on Nov. 1.
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