Is the Afterpay (ASX:APT) share price fully valued?

The Afterpay Ltd (ASX: APT) share price is back on form on Thursday and pushing higher.

In afternoon trade, the payments company’s shares are up almost 2% to $123.95.

Can the Afterpay share price go higher?

According to one leading broker, the Afterpay share price may have peaked for the time being.

A note out of Morgans reveals that its analysts have retained their hold rating and cut the price target on its shares to $121.00.

What did Morgans say?

Morgans notes that there was a lot to like from Afterpay’s third quarter update this week.

It was pleased to see its North American underlying sales continue to grow strongly. The broker notes that sales increased 167% on the prior corresponding period or 211% in constant…