Certainly deserves a PE above the market average. If nothing else, they will add $40+ per share in cash next year and pay out $10.60 in dividend. Given what appears to be an exceptional q1 based on the reported data on iPhone market share, the China iPhone launch and iPad, they may very well deliver $50 in earnings in 2013. So, unless their forward PE ex-cash is going to fall below 7 (the PE of the Nasdaq at the worst point of the 2008 market crash), then, the stock must go up from here in time.
You are very wrong about eps $50 in 2013. Without new revolutionary products the eps will be detoriating. There will be tremendous pressure on apple margins and $500 subsidy from carriers will end up soon.