The so-called iWatch has been rumored for months, and it will need such a product, along with others, to reignite growth. […]
It’s possible that these devices could be as big as the iPhone, but without seeing them, it’s impossible to say with any authority that they will be. It’s far safer to assume that the iPhone was a once-in-a-generation product, and with the market seemingly saturated, Apples best days could be behind it.
In that regard, Apples below-market multiple seems well-justified, given that investors aren’t likely to see much growth going forward. Investors might continue to like Apple for its capital return program, but the days of wild moves to the upside appear to be over.