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Apple Stock Could Struggle. This Analyst Explains Why.

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People visit an Apple store in Shanghai on October 5, 2021.

Hector Retamal/AFP via Getty Images

Trigger warning for Apple bulls: I’m about to address the case for caution on the stock.

Bernstein analyst Toni Sacconaghi lays out the case in a research note on Thursday. He focus on the most basic question for Apple (ticker:AAPL) shares: What can drive the stock higher from here?

Sacconaghi points out that Apple has re-rated over the last...