Apple’s P/E ratio is holding up better now than it did in 2013, says JP Morgan’s Samik Chatterjee.
From a note to clients that landed on my desktop Sunday:
Most companies are trading above (or well above) their prior troughs, except for COMM, FFIV, JNPR, ST, and VIAV.
Stocks trading at or near trough valuations have already bounced from the absolute trough valuations that they were trading at around mid to late March…
Valuation multiples for AAPL are holding up much better than in prior troughs in 2013, likely on expectations of high resilience to the volume downturn both through product leadership and services momentum.
Maintains Overweight rating and $350 price target.
My take: Get a load of 2008-2009.