Giving AAPL the same PE as AMZN, AAPL would be $9000 per share (not a typo, nine thousand dollars per share). Based on performance and profitability, AAPL deserves a higher multiple than AMZN. Simply put, AMZN is currently way overpriced and AAPL is way underpriced. In time, the market will even out and get this right, i.e., by mid 2015, AAPL will be over $1000 and AMZN will be under $100.
You'll be kicking yourself if you don't buy under $550 before earnings.
I've made money on AMZN in the past but at these prices and no earnings? It would be kin to playing the lottery.
I still believe there are great days ahead for AAPL, based on their great earnings, cash, innovation, and PE.