Analyst Jeriel Ong says Apple has earned its "slightly above-average valuation" compared with its peers.
But analyst Jeriel Ong still believes Apple is the best name to own in the information technology space.
Read More Deutsche Bank: Apple's 30% intra-quarter jump is a high bar to hurdle
From CNBC's "Deutsche Bank's Jeriel Ong on why he raised Apple's price target to $400 per share."
Read More Why Deutsche Bank raised its Apple target 3 times in a month (video)
Underwater before the day was done.
Shares closed today at $318.11, less than $2 away from Ong's 12-month target.
Read More Deutche Bank raises Apple price target $15 to $320
With shares above $285, analyst Jeriel Ong didn't leave Apple much room for growth.
"Overall, we see a balance reward profile relative to the risks." —Analyst Jeriel Ong Street Insider has note: Deutsche Bank analyst Jeriel Ong reiterated a Hold…
"We see a path to mid-single digit y/y top-line growth at best." — Analyst Jeriel Ong
Read More Deutsche Bank initiates Apple coverage with a Hold
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