PE is subjective, and is not exact. Different sectors have different PEs, and some companies are valued more than others in the same sector. So in a way, your question is related to valuation, which is subjective. One can be proved wrong either way, high PE may continue for some more time after our purchase, or may revert to mean quickly, or low PE may remain low for some more time.
So it is better to look at all the metrics available to value, rather than single metric.
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