We’re gonna put on the pom poms for Apple again here.   Last night the company reported $65.6 in cash and marketable securities, which equates to around $71 per share.    Adjusting for the cash and assuming a conservative $27 in earnings for fiscal 2011,  the stock is now trading at a cash adjusted P/E of of 10.4  and it grew earnings at 92 percent y/y!  Stunning!!

Getting shorty this stock for less than a short-term trade is death and only going to pay when Apple trips up on execution and innovation.  That doesn’t look like it’s in the cards anytime soon, however.    Below is a P/E sensitivity analysis based on various earnings and prices.   (click here if charts are not observable)