Apple Stock is Expected to Continue Growing Faster Than U.S. Economy

According to Patrick Armstrong, a chief investment officer at investment management firm Plurimi Group, Apple’s stock (AAPL) is expected to continue growing faster than the U.S. economy, CNBC is reporting.

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When Apple stock hit $182.88 per share during mid-day trading yesterday, it became the first publicly traded company in the world to hit $3 trillion market value. “I don’t think it’s going to be a stock that’s going to double very quickly,” Armstrong said. “ But it will “grow faster than the economy,” he added.

“Apple is an incredibly positive company in terms of cash flow generation, earnings, market share, profit margins. It’s almost ideal when you look at all of those metrics,” Armstrong said.

“It’s an incredible company trading at a premium multiple,” he said. “I don’t think there’s anything outlandish about that. I think great companies should trade at premium multiples. I don’t think you’re in the extreme lofty multiples that some of the other companies are.”

The IMF expects the U.S. economy to grow by 5.2% in 2022, while the global economy is seen expanding by 4.9%.