The measuring implications for this flag pattern suggest a 26 point increase, from the point at which the price broke resistance, in about 4 months. Therefor, I'm expecting $128 late February.
This would give AAPL a P/E no greater than 18.74 (that's assuming they only MEET and not exceed Q1earnings expectations). The market is willing to pay 19.03 times earnings right now for the S&P 500 with much lower expectations for growth, considering AAPL is expected to grow earnings 14.78% in FY15. At $128, AAPL would have a forward P/E, depending on your source of data, between 15.12 on the aggressive side of FY15 estimates and 17.48 on the conservative side. To sum things up, you'd be getting more for less even at that valuation.
This would give AAPL a P/E no greater than 18.74 (that's assuming they only MEET and not exceed Q1earnings expectations). The market is willing to pay 19.03 times earnings right now for the S&P 500 with much lower expectations for growth, considering AAPL is expected to grow earnings 14.78% in FY15. At $128, AAPL would have a forward P/E, depending on your source of data, between 15.12 on the aggressive side of FY15 estimates and 17.48 on the conservative side. To sum things up, you'd be getting more for less even at that valuation.