Is Apple (APPL) Still A Value?

Everyone is in love with Apple's (AAPL) stock. Analysts, investors, and market commentators love everything about the company from its cool products to the company management. The stock is rated a buy by many investment firms. We can all agree that Apple is a great company but are shares still cheap?. Shares of Apple currently trade at $287. This is 20 times the current year's earnings. Growth is estimated to slow to 20% over the next few years. That is still a phenomenal growth rate for a maturing company. I would rate Apple a hold at its current price. Investors that own the stock should feel comfortable holding it. New investors should wait for a pullback as the stock looks properly valued at current levels.