Institutions are simply trading this stock between $420 and $480. Just hop on for the ride. Don't be scared that the stock is in the $420s. Buy it hear and sell it when it gets above $460. What's the big deal.
Agreed. If we assumed that aapl only earned $7 per share per quarter. Based on p/e of 15 that would equate to a share price of 420. That doesn't place any value on the cash on hand. Nor any value on new product development such as iwatch, Iphone, etc.