I could nitpick a number of downright stupid comments in this article from Antoine Gara of The Street (“underwhelming earnings” last quarter, for instance), but the overall tone of it is worth noting:
Apple entered 2012 with a price-to-earnings ratio of 11.53 and it heads into 2013 at a PE of 11.69, a 1.4% rise over the course of the year. Still, Apple’s stock is up over 25% year-to-date, even after a similar sized selloff from record highs above $700 hit in mid-September.
The key, as many investors such as David Einhorn of Greenlight Capital Management predicted, is that Apple’s profits rose far faster than its stock this year.
The short version: Apple is positioned to go way up yet again.