Even after a huge rally, Apple shares still look ripe for picking

When it comes to Apple (AAPL) it's pretty hard to make a bear case based on fundamentals. Sure, the company could be better positioned in the relatively faster growing international markets, there's the question of CEO Steve Jobs's health and it might be hard for the company to continue to top its own high standards. But that's about it.

Rather, the case against Apple usually comes down to valuation. It's no secret it's been a pretty great stock; it's just too easy to buy Apple when it's too expensive. Happily, even after rallying 120% this year to $198 a share, Apple's stock still looks attractive even at that lofty level.