I don't know accounting well enough to determine how credible this is, but the author argues that Apple's new accounting rules are widely misunderstood and will lower its P/E to 13, sending the stock up 30% or more by year's end. Will be quite impressed if this is true.
Source:
http://www.thestreet.com/story/10660189/1/apple-pe-ratio-headed-lower.html?kval=dontmiss
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