Here is White's comments:
Apple is now trading at just 7.6x (ex-cash) or a straight P/E of 9.8x our CY13 EPS projection and below the S&P 500 Index at 12.5x.
Apple's discount to the S&P 500 becomes even more of a "head scratcher" when you compare growth rates. For example, between CY03 through CY11, Apple has grown EPS by 92% per year versus just 7% growth for the S&P 500 Index.
Essentially, Apple has delivered annual growth that is 13-fold the S&P 500 over the past eight years but trades at a 20% P/E discount (or 40% discount ex-cash).
While we don't expect Apple to grow EPS by 92% per annum over the next five years, we believe 20-30% growth is reasonable based on the Company's low market share in mobile phones and PCs, combined with growth opportunities in tablets and new potential areas such as Apple TV.
White concludes by saying that "those investors that have missed Apple or have been under-weight the stock now have another opportunity to buy Apple before sentiment takes a turn for the positive during what has historically been the strongest quarter of the year for the stock."
Following positive comments from analysts Apple's stock has moved up over 5% today.