SSNLF) hardware and attack Google's ( GOOG) Android dominance, a cheaper version of the iPhone, called the iPhone 5C, is also expected to be revealed. Now, I've always had mixed feelings about this. It's not because I doubt management's ability. Nor am I suggesting that Apple won't turn the iPhone 5C into a ranging success.
I won't deny that Apple's operating leverage has lacked flair in its first three reporting periods of the year. But I don't think the company demonstrated underlying struggles in operation -- at least not to the extent they were exaggerated by the Street. Now with a cheaper iPhone, which is said to come in various colors, I believe Apple is saying "to hell with your margins." The company is now going after market share -- something that Apple has never before cared about. CHL) and NTT DoCoMo ( DCM), it will be only a matter of time before Apple reemerge as a solid growth company, while shedding the hybrid/mature giant persona that it resembles today.
The only question that remains to be answered is growth at what cost? Even with these questions, what is clear is that Apple stock at current levels still seems too cheap to ignore. It's true that Apple's glory days have yet to return. But I'm nonetheless certain that the worst days are in the rear. Consider that even when adjusting out Apple's $150 billion in cash, and adding in just modest cash-flow projections, the stock still supports a fair value of $525 today. But given the growth projections of these new hardware launches, I'm betting that the stock reaches $650 a share in the next 12 months. Can the 5C answer that call? At the time of publication, the author has been long AAPL for several years. Follow @saintssense This article was written by an independent contributor, separate from TheStreet's regular news coverage.