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It's not about revisionist history. It's about the giant stock bubble that Apple has become. There is nothing at all that can keep Apple flying so high forever, and the ONLY REASON they are so big in earnings and stock value, is because of the iPhone. No company can last forever so dependent on a single product. Especially when that single product is nothing that special and which a lot of other companies can produce at the same quality and lower prices, with even more current technology inside.

Why is it that most stock analysts state the AAPL is actually UNDERVALUED? For its performance, it is way undervalued compared to Amazon, which has made very little in the way of profits in its history.

Amazon's current Price Earnings ratio is 282.13 times earnings but its stock is currently selling for $1111.60. Yet it offers ZERO dividends.

Apple's current price earnings ratio is only 19.6 with a forward looking P/E of 15.2, and is currently selling for $172.50 AND pays dividends, as well as buying back shares.

Apple is a cash machine with $270 Billion in cash— more cash than the US treasury has on hand—and generated a $48 billion profit in fiscal 2017. Yet YOU claim AAPL as a stock with those figures is a BUBBLE? The true bubble is Amazon and TSLA which has NO P/E. . . yet people are speculating on a business that is constantly losing money.

Let's see.

AppleWatch grew 75% Year-over-year and can now work as a stand-alone product. Per Apple's Financial statement, if Apple were to spin the AppleWatch off as its own company, it would be a Fortune 400 company all by itself.
Apple Services grew by 23% Year-over-year. . . generating 20% of Apple's revenues and 15% of Apple's profits. It too would be a stand-alone Fortune 400 company.
The Mac grew at 13% year-over-year, both in units sold and in dollar volume, while the PC market over-all DECLINED year over year.

I guess your claims that the iPhone is the only thing that is making money for Apple is just plain wrong!

Why is it that most stock analysts state the AAPL is actually UNDERVALUED?

Stock analysts?

Have you ever heard of stock analysts being crooked? IOW, have you ever heard of stock analysts hyping a stock, in order to gain from the sales of that stock? That's how a lot of stock bubbles are created. I'm pretty sure that, besides Apple, there are a lot of other stocks way overvalued. It ain't going to be pretty during the next stock correction or slew of bubbles that will be bursting. Apple is just the best known and biggest of the stock bubbles.

BTW, who does that Apple cash stash belong to? Is it discretionary money? It is "cash on hand" that can be spent as the Apple management wishes? So, again, who does that cash belong to?

YOU mention Amazon and it's earnings vs stock market valuation. But, Amazon is also a stock bubble, and earnings reflect the true value of the company. IOW, Amazon should not be valued as high as the stockholders have made it. Same with Apple. Yeah,for now, Apple's products are producing decent earnings, but the stock is still way overpriced. FACT is that, neither Apple nor Amazon should be priced so high. Meanwhile, Amazon has products that will be more productive in the long term than Apple's set of products. Amazon is in a business which has better long-term prospects than smartphones. Apple will eventually be less valuable than Amazon, while Amazon will still be a stock bubble but with a more reasonable expectation for a better future.

Apple is a cash machine with $270 Billion in cash— more cash than the US treasury has on hand.

Swordmaker, you see there are things that we can agree on. Apple most likely has even more cash on hand than that. Unfortunately, the vast majority of these funds are in offshore accounts, and can't be repatriated currently without huge tax penalties.