CNBC analysis indicates that Apple (AAPL) stock is currently not cheap, with its high valuation being a major impediment. Its estimated P/E ratio for FY2027 is close to 36x, significantly above its long-term average. Nevertheless, Apple's recently launched foldable iPhone Duo has seen "exceptionally strong" pre-order demand, with shipping times pushed back to late January next year. Concurrently, the deep integration of Apple Intelligence has made it part of the AI narrative, with projected revenues exceeding $500 billion and free cash flow reaching $156 billion in fiscal year 2027. The article suggests investors consider using options strategies to "go long at a lower cost."