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In recent months I recommended investors take a close look at shares of Apple (NASDAQ:AAPL) after they concluded a long descent from a high of $86 per share all the way down to the mid 50's. While the P/E multiple on the stock has never been low, even after a 35% haircut in the shares, the company does have more than $10 in net cash on its balance sheet, as well as something that fewer and fewer companies have going for them at this stage in the business cycle: excellent growth.

In anticipation of new product announcements, shares of Apple have rallied lately and are surging nearly $3 today to more than $72 each. For those of you who did some bottom fishing in the 50's, I think it may be wise to take a few chips off the table. The company's outlook remains very bright, and growth managers will want to own the stock, but I think a lot of good news is being priced into the shares. Any disappointments regarding the specifics of the company's new products, and we could see some of the recent gains given back.

Apple remains one of the most attractive growth opportunities in the technology space. I just think after a 30% rebound from the lows, slight profit-taking might be in order as investor demand right now is quite elevated.

Source: Apple's Good News Already Priced In