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After Apple's (NASDAQ: AAPL ) strong performance over the past six months -- shares are up more than 40% since late June -- some investors are wondering whether Apple stock is running out of steam.
However, Apple still has plenty of upside. It's worth remembering that Apple stock is still 20% below last year's all-time high; much of the recent run was simply reversing the excesses of the prior sell-off. Most importantly, analysts' earnings estimates are probably too low in light of recent developments. If Apple returns to solid earnings growth in 2014, Apple stock will probably benefit from further multiple expansion.