Tech investor Dan Niles said Apple's troubling fundamentals don't justify its valuation on a longer-term basis.
Things are not looking up for Apple ahead of its fiscal second-quarter earnings, according to tech investor Dan Niles. Apple, which is due to report May 2, has dropped 14% this year — lagging behind other major technology stocks, such as Nvidia and Meta Platforms. Despite this pullback, the Satori Fund founder still thinks Apple's valuation is too lofty given its fundamentals, which "haven't been great for the last three years.
mountain AAPL year to date Niles noted that Apple's revenue guidance for the March quarter was the same as the company forecasted three years ago. Competition from Huawei isn't letting up either, leading to the company losing market share in key countries such as China. Apple is also lagging behind its peers in the artificial intelligence race, which is why it keeps on exploring opportunities with potential partners such as Alphabet , Niles added.
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