However, he raised concerns about the long-term sustainability of the company’s fat profit margins. His fair value estimate on Apple is $670 a share. Looking ahead, Apple guided lower.
QQQ is up about 16% so far this year, while the S&P 500 has posted a roughly 10% gain, with the outperformance being driven by strength in Apple and the tech sector.
PowerShares QQQ
Full disclosure: Tom Lydon’s clients own AAPL.