The new iPhone is about to roll out, the economy is growing and we are going to be back in the holidays soon. I would say buy.
Again, I think buy or sell depends - to me - on positioning a portfolio for a decade ahead at least, not next quarter or even a couple years.
Here are some Apple P/E ratio estimates going out to 2019. While those ratios are not in the bubble range of the dot.com and high-tech bubbles, their lowered expectations reflect a valuation level to the stock market similar to GE, IBM and Microsoft each once had in their day, and the kind of valuation and P/E plateau they each hit as well. It’s the old story of how much higher can you get once you get to that kind of plateau. History says: not much.
http://www.nasdaq.com/symbol/aapl/pe-ratio
I would not buy Apple today, if growth in the total portfolio valuation a decade out was the priority. Hold for good stable value, O.K., but not buy to maximize growth. Buy low and sell high.