Apple (AAPL) may not be as undervalued as its PE suggests, thanks to an accounting-rule change...

|About: Apple Inc. (AAPL)|By:, SA News Editor

Apple (AAPL) may not be as undervalued as its PE suggests, thanks to an accounting-rule change allowing the company to book revenue from sales of bundled products more quickly than it used to. "It would appear that the market continues to consider a significant component of Appleā€™s revenues and gross profit to be presently unearned and not deserving of a normal market multiple," says Charles Mulford.