The bull case for Apple stock under John Ternus

Apple made John Ternus chief executive on September 1 and unveiled the $1,999 iPhone Duo eight days later.1,2 The stock has beaten the S&P 500 by about 17 percentage points over the past year, and the bull case hinges on whether a 75.6% margin services engine can justify the richest forward multiple among the five most valuable US companies.3,4,5,6