Apple still has one more good run ahead as everyone looks to strong guidance this quarter. Overall, I think the growth play in Apple is tapped out, but it's still the best company out there at 12 PE. Long term, it's still not overvalued, still a very normal valuation at it's PE/growth rate around 12%. They may have more than one good run ahead. I wouldn't want to count them out yet. However, 3 of the last 5 quarters have been disappointments, so I'm feeling a bit negative.
Nonetheless, you make good points. Also, I still haven't heard the CC, but excerpts I've read from it have reminded me of why I liked Apple in the first place. They really don't play the game the way everyone thinks they should. They play it the way they want to play it. And most of the time, that works out for them.
I'm not suggesting that Apple's growth is going to stop, by the way. Only that it is moderating. It's still going to be quite healthy. |
