Trading Nation

Apple has hit another all-time high, and one trader says more records are ahead

Don't chase Apple's momentum now, keep it on your wishlist: Pro

What's not to like about Apple?

That seemed to be what analysts all over were asking as the stock hit another all-time high on Thursday. The shares jumped almost 2% on strong holiday season demand and a positive outlook from Wall Street going into the next year.

Those upbeat expectations include calls from Wedbush and Piper Jaffray, both of which raised their price targets for Apple on perceived 5G iPhone demand. They joined the likes of Citi, which did the same in early December citing the popularity of Apple's wearables.

And Blue Line Capital founder and President Bill Baruch is joining the party.

"The consumer is amazing right now and that narrative's driving things, but Apple has found ways to monetize in a number of ways," he said Thursday on CNBC's "Trading Nation," mentioning that products and services like Apple TV have helped boost the tech giant's shares.

Baruch also pointed to the charts for a strong technical case on Apple.

More specifically, he's eyeing a target of about $324 based on Apple's range from last year's high to its low back in January, as well as its big breakout above $255 earlier this month. Baruch's target represents a nearly 12% rise from Apple's Thursday closing level of $289.91.

"I think we're breaking out above the October run here in that range, so $324 is where I'm targeting on the upside and we may see that fairly quick[ly]," he said.

But Joule Financial Chief Investment Officer Quint Tatro said that he wouldn't chase Apple's record run here.

"This is a stock [that is] trading [at] five times sales, 20 times forward earnings," he said in the same "Trading Nation" interview. "Traditionally, [it's] a growth stock made popular as a value stock by Buffett, and it's a very crowded trade."

Tatro stressed that Apple can still go higher, but at its current levels and valuation it would be "dangerous" for investors to buy. Consequently, investors should "put it on the wish list" if they want to purchase or build a position in Apple, and hold the stock if they own it, he said.

With Thursday's rise, Apple is now up 84% in 2019 — its best year in a decade — and has gained $533 billion in market cap during that time.