Don't Judge a Stock by Its Share Price: Focus on Valuation Instead

Avoid confusing a stock's share price with its valuation. A $1,000 stock can be cheap and a $1 stock can be expensive.
Focus on a stock's valuation metrics like P/E ratio rather than just its nominal share price.
Don't buy stocks just because they are "cheap" based on a low nominal share price. Evaluate their valuation.
Expensive, high nominal share price stocks can still be good investments if their growth prospects justify a high valuation.
Don't let a high nominal share price scare you away from investing in a great company. Look at valuation.

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