AAPL Rally Based on Massive P/E Expansion

AAPL Rally Of more than 100% return over last year has entirely been Based on Massive P/E Expansion.

AAPL trades over last 5 years with average P/E of 15 which was less than tech peers which had faster growth. Last Jan AAPL P/E slumped to 12 well below S&P 500 P/E of 18. Today AAPL trades at trailing P/E of 27+. 

Unless AAPL grows its earnings at a fast clip and delivers on innovation and transition to services based business investors buying recently at highs will see underwhelming returns.