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Is Apple (AAPL) Cheap?

|Includes: Apple Inc. (AAPL)

Is Apple cheap, well lets look at the numbers:
Current analyst estimates current year and next year earnings http://finance.yahoo.com/q/ae?s=AAPL
The stock @ $152.91 is selling at a trailing P/E of 27.50 & a forward P/E of 23.85; PEG 1.53 has 0 Debt and $28 per share in cash!

Take a look at the chart below, looking at the last 4 years. AAPL was overbought near a 50 P/E & a BUY/oversold under 30. Even at it's worst- AAPL was under a 20 P/E...so is 27.5 then too expensive??
Apple reports after the close tomorrow and consensus, as reported by Thomson Financial, calls for $1.16 per share...I see $1.30. With Intel & Texas Instruments beating expectation, I feel secure in AAPL hitting it out the park.