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.