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I think the most recent drop is related to analysts looking at their supplier relationships, who is gearing up (or not) to make what. Overall I think Apple's cycle has more to do with their extreme secrecy.
Investors don't have any visibility of what's really in development. So if the next products (watch, phone, TV, or whatever) have some sizzle then the stock price will recover nicely. It is about earnings growth (or lack thereof). Current price seems to be based on zero growth (8x or 9x forward earnings) and that still seems unreasonably low to me.
The company is also sitting on too high of a mountain of cash. Above some number, I'd say maybe 50 billion dollars, that cash should be spent (grow the company, pay employees more, pay a bigger dividend, etcetera).
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