Apple: Great Company with Lofty Valuation - Due for Pullback

Apple (AAPL) seems to do no wrong. The shares have vaulted nearly 50% since their March lows and the 3G iPhone is the current rage. The hype is at unprecedented levels, resulting in an analyst love-fest that is in full swing. Is another classic case of 'pump and dump' developing?

The case for the iPhone: There is ample opportunity for AAPL to penetrate and make further inroads within the corporate market segment, and in the process, take substantial market share from Research In Motion (RIMM). In fact, HSBC Bank is contemplating switching from RIMM's blackberry to AAPL's iPhone. This change alone could amount to a 200,000 unit order, however much of these potential orders could already be factored into the current share price.