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I own Apple since mid 2016, so I might be guilty of endorsement bias. (I liquidated and redeployed my entire portfolio in late 2015 before I moved into the U.S. tax jurisdiction).

Taking out the cash, Apple is trading at rather low P/FCF despite high ROE.

I understand the product risk, but the Apple ecosystem is evolving nicely and could go much farther. As they put FaceID and enhanced VR capabilities into iPad and other devices, it could bring about another huge upgrade cycles.

I don't think in price target term but I think Apple has decent prospect generating good returns for a fairly long period in the coming years, as long as they don't blow away their money on silly acquisitions or employees' perks.
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