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At $700, Is Apple Still a Buy?

Reaching yet another new all-time high, shares of Apple officially eclipsed the $700 mark last week. Simply stated, Apple shares are still on a tear, but with this new high comes more skepticism. Can Apple keep up its winning streak?

The stakes have never been greater for Apple. While it shares onwnership of over 80% of the global smartphone market with its arch nemesis Google, the space is growing increasingly crowded. Playing catch-up in this booming market, the partnership of Microsoft and Nokia has brought several competitive devices to the market over the last several months. Furthermore, Research In Motion is due to unveil its updated smartphone platform at the beginning of next year.

So, with so much uncertainty surrounding this space, is Apple still a buy at $700? Our tech and telecom sector analyst stopped by the weigh in on the issue.

Its $700 share price is just more proof that Apple is the most influential company in technology (not that you needed more). The company has delivered market-smashing returns for those lucky enough to invest in the company. However, maintainingg that torrid pace will only get more difficult. If you're looking for a recommendation on how to play Apple, along with continuing updates and guidance on the company whenever news breaks, we've created a brand-new report that details when to buy and sell Apple. To get started, just click here now.

Andrew Tonner owns shares of Apple. You can follow Andrew and all his writing on Twitter: @Andrew TonnerAnand Chokkavelu has no positions in the stocks mentioned above. The Motley Fool owns shares of Apple, Google, and Microsoft. Motley Fool newsletter services recommend Apple and Google. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

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