Andy Zaky at bullishcross.com seems to think so1:
Every quarter that goes by, Apple reports another multi-year record high growth rate that continues to be brushed aside and overlooked by investors. Apple’s stock performance relative to its valuation and fundamentals, and relative to other companies with lower growth rates and more expensive valuations is completely abysmal.
Lots of numbers and charts that I don't fully understand, but I2 don't see any reason Apple won't continue on the path it's been on - slow, steady growth.
...though Apple has grown its earnings by 600% in four years, the stock has only risen 81%. And while 81% might seem like a lot, just remember that the company is essentially 7x larger than it was in 2007. Apple has also grown its balance sheet 5-fold since that time and its cash has also risen 5-fold. You would expect to see at least a 200-300% move in the stock, and if history repeats itself, you soon will.
Unlike the other big players in tech, including Facebook who are apparently looking for a $100 billion valuation for their IPO, Apple actually sells products. Physical things that exist in the real world. Facebook and Google are online and virtual. You'd think the traditional stock market would reward the real world sooner than the virtual. But like most things, the internet is still seen as the gold rush and there's gold in them hills!
Article link via daringfireball.net
Time to buy some Apple stock.