Felix has a good analysis of the current relatively low valuation of Apple stock. The key problem that Apple faces is the problem that all very large companies face - sustaining a high growth rate becomes much more difficult when you become huge. Unlike many other large companies, Apple's source of profits changes from one year to the next - which means that the stock is really only as good as its next big product.
Put another way, at some point Apple will stop being a growth stock and become something more boring - like perhaps another past member of the large cap growth club - Microsoft.
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