"On net, we see risk reward on Apple's stock as attractive."

Apple's March quarter represents the first of a series of easy compares
There's nothing "normal" about Apple's discount to the S&P 500.
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By the end of 2017, according to Tim Cook, Apple Services by itself will be big enough to make the Fortune 100.
"We may have all come on different ships, but we are in the same boat now.”
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Investors have bid the stock up 8.2% in the past three months.
Here’s how that windfall of 1.3 million iPhones was spread out among the brokerage firms...
Read More Look who added 1.3 million iPhones to their Apple models
Tim Cook resolved early on—for competitive reasons, he says—to keep Apple Watch sales numbers close to his chest.
Apple's share price is already ahead of where some analysts say it will be a year from now.

Net/net, the risk to net income is ~$9B on paper, or ~20%.
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