“Ahead of another earnings report from Apple, analysts were anxious about iPhone shipments in general and the Chinese market in particular,” Stefan Redlich writes for Seeking Alpha. “This recurring pattern of doom and gloom has been beneficial to savvy investors ignoring all that noise and instead trusting Apple’s management on the company’s operations rather than reading too much into anecdotal evidence from suppliers.”

“One comment [from Apple CEO Tim Cook] in the earnings call from Apple clearly stands out, as it is unique: ‘And so I do think – I don’t buy the view that market’s saturated. I don’t see that from a market point of view or – and certainly not from an iPhone point of view. I think the smartphone market is sort of like the best market for a consumer product company in the history of the world and – but that’s how I feel about it. It’s a terrific market, and we’re very happy to be a part of it,'” Redlich writes. “This perfectly sums up why Apple is such a fantastic investment and shows that Wall Street consistently underestimates Apple’s business.”

“Digesting all of Apple’s figures and its future trajectory, it is absolutely shocking and a great gift at the same time that Apple is only trading at a valuation in the mid-teens. If the market ever assigns Apple a 20-25 times earnings valuation, which it certainly deserves, the stock will catapult to $200 and then $300. As long as this does not happen, we should welcome the opportunity to purchase such a one-of-a-kind company at discount prices,” Redlich writes. “To sum up: Apple = Buy it now or regret it later, or as another reader phrased it: AAPL = Always Always Play Long.”

Read more in the full article here.

MacDailyNews Take: Even near an all-time high, the case can be made convincingly that Apple is woefully undervalued.

We’re not sure that most analysts or investors can rally wrap their minds around the vast amounts of money that the machine that Steve Jobs built has generated, is generating, and is capable of generating going forward.

As Jim Cramer has said of AAPL: Own it, don’t trade it.

[Thanks to MacDailyNews Reader “Dan K.” for the heads up.]