According to public finance sites such as Yahoo Finance, the stock now trades at about 8 times its forward Earnings. I know that P/E is not an indicator that you should blindly trust, but at least it is telling you that people expect this company to underperform greatly its peers in the coming years.
But is it so? The iPhone and the iPad are still accounting from about 80% of all profits of the company. Such a product concentration is obviously dangerous but at the same time they are now only starting to penetrate the biggest growth smartphone / tablets markets in the world: namely China and India. Appple products are making a killing there so the sales in these markets is extremely promising. Apple will get growth from India and China. Moreover the existing customer base is very loyal to Apple products, partly because it is such a mess to switch from Apple to Android as you lose all your Apps, your contacts, your email settings.... Basically customers are locked with Apple, they are glad about it and they will keep on buying Apple. The price of the stock is now being beaten by people who anticipate a catastrophic quaterly report next monday. Is it going to be so? Maybe, but this is highly unlikely.
We feel rather that if last fall's levels were obviously too high, the current levels are creating an opportunity to buy into this great company.