“Apple (AAPL) continues to churn out impressive results, blowing away all estimates with their Q1, FY2012 earnings announcement,” David Klein writes for Seeking Alpha. “We are not going to focus on the quarter’s earnings, but on whether Apple’s performance justifies a higher valuation.”

“Given Apple’s past success, iPhone and Tablet projections, it’s surprising the market has relegated a low PE to Apple,” Klein writes. “The PE based on 2012 earnings is about 10.8 at the time of this writing.”

Klein writes, “For Apple’s market cap to exceed a half trillion dollars would require a stock price of about $536 and a forward PE of 12.7. Given the market projections which can support Apples double-digit growth rate and low PE, $536 seems a very reachable milestone.”

Read more in the full article here.

[Thanks to MacDailyNews Reader "Carl H." for the heads up.]