Is Apple Stock a Buy on the Dip as iPhone Sales Surge?

Apple reported strong iPhone sales growth of 22% and robust Mac revenue, but the stock fell 7.35% due to services revenue and China sales missing expectations. While the company has a solid business model with record iPhone install base, the analyst recommends holding off on buying the dip due to high valuation (34.5x forward P/E), memory cost headwinds, and concerns that recent gains have come from multiple expansion rather than fundamentals.