Apple is beloved as a business, with a wide economic moat based on a robust ecosystem of hardware, software, semiconductors, and services. Nonetheless, we struggle to justify the firm's current high valuation.

Many investors have to hold Apple in their portfolios to keep up with any benchmark, given the firm's status as the world's second-largest company by market capitalization. We see downside risk to current levels of the shares and recommend investors pursue an underweight exposure to the stock.

In our latest report, we dive into our bearishness on Apple's valuation. Download the report now to understand more on why Apple’s relative valuation stands at an untenable level and isn't supported by an improved long-term growth opportunity.