to a//

the reasons could be various. saturation of the market as it comes to
ipod. the hole option story, steve could relapse (health) and apple
might change the ceo. i hope this really not but there is allways the
probability for imponderabilities (hope this word is correct cause me
tongue speaks german - sorry)

to b//

a good PE for AAPL should not go over 30 but this is a virtual limit.
if the growth is enough the the PE could be a little bit higher. the
PEG should 1 or lower.

to c//

they are too high. look at a previous posting. make some research with
O`Shaugnessy (What works on wallstreet.)

to d//

target price is only for broker firms recommending a stock because they
want to sell high or buy it low. prediction of target is like playing
roulette. believe me there are allways imponderabilities which can
bring a stock to the ground or pull it to the roof.

to e//

sell in may and go away. may to september tend to be lazy months for
most stocks. holiday season is only one reason. there have been alot of
research to see such cycles. i wouldn`t take all for right but you
should have been able to remember that such cycles are alive.

i hope you can understand some points and i don`t want to be looked as
professor or something like that. this is only my opinion for a
discussion.