Looking at $22.45 target, will need a dividend to get there.
Under his most optimistic analysis of 2014 revs and p/s he comes up w/ $36.41. Apple made a fantastic run without a dividend, if I were wishing for some kind of growth catalyst, I'd wish for someone of Steve Jobs insight in management.
But now they do have a dividend - many funds cannot buy a non-dividend stock. Trust me, just a $0.50 dividend would help here.