"To put Apple's current valuation in perspective, on a trailing cash flow basis, it's trading in line with the historic trough multiples of HPQ and DELL," Reiner says. "You have to look back to the darkest days of 2001 -- pre-iPod -- to find Apple's multiple this beleaguered."

"Beleaguered." Now there's a word we had hoped to never hear again. Still, beleaguered or not, Reiner noted that Apple's cash on hand has now reached US$23 billion. If the global economy doesn't continue to plunge, he expects Apple to continue to grow and outperform thanks to the continued migration from Windows to Macs, the iPhone, and ""a global Halo 2.0 effect that's bringing iPhone users into the Mac fold."

Meanwhile, Apple shares rallied more than nine percent Friday, as investors saw "a newly attractive valuation in the battered stock and anticipated new laptop computers," notes Reuters. Shares of Apple rose $8.06 to close at $96.80 on Nasdaq.

Reiner said he thinks a line of less expensive computers could help the company ride out the turbulence of the coming months.

"One of the biggest fears about Apple is that it's going into a recession selling high-end electronics. I think that if it can broaden its product portfolio and include products that are competitive on the mid-end, it positions it to better weather the storm and appeal to a larger base of consumers."

"Macsimum News" is a proud supporter of Planet Gumbo, which feeds the hungry. We urge you to help them in their efforts.