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Well.. considering AAPL has about the same P/E as IBM/HP, which has about -10% growth, I would personally say the growth is not priced in at all.

But even though it's priced as if the company is dying, analysts are still expecting it to grow 20%+.

The disconnect is almost funny.

Wall Street usually has wildly unrealistic expectations for Apple, so expect this modest beat to be spun as a significant miss.

Why was this downvoted? Seems like a perfectly reasonable, helpful, and certainly non-inflammatory post.