Tim Travis'  Instablog

While Apple's (AAPL) valuation is far cheaper than what we saw during the tech bubble, this type of constant one-upmanship on who can give the company a higher target price is very similar to that era. A stock move to a one trillion dollar market cap is not unbelievable from these current lofty levels, but it implies increased market share gains, retention of profit margins, and new product innovation success. If an investor only looked at the recent history of Apple as opposed to the experience of dozens of other extremely successful consumer technology companies throughout history, these expectations would seem more realistic. For some value investors such as myself, we just aren't comfortable betting that this time it is different, and will continue to be different. This isn't to take away what a great company Apple is and how magnificently the stock has done. For investors that are jumping on the bandwagon at this late stage I'd urge caution as the herd mentality is in full effect.

http://www.bloomberg.com/news/2012-04-03/-apple-fever-to-push-stock-to-1-001-within-year-analyst-says.html

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.