Deferred earnings

At nearly 29 times earnings, Apple is still undervalued - analyst

August 12, 2009: 11:22 AM ET

It's been a busy week for long second looks at Apple (AAPL).

Some, like Jason Calcanis' narcissistic The Case Against Apple, were prompted by the controversies swirling around its iPhone marketing strategies and App Store approval procedures.

Others, like Peter Burrows' Why Apple Is More Valuable than Google (GOOG) in Businessweek, by a long-term shift in market capitalizations that has pushed America's No. 4 computer maker (market cap $148 billion) ahead of the world's No. 1 search engine ($145 billion).

But if investors had time to read just one of these pieces, I would point them to Turley Muller's Apple's Valuation Is Still Reasonable, posted early Wednesday on Seeking Alpha.

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