I think the investor needs to ask themselves two key questions;
1 - Was Apple really worth $132 in the first place. Looking around most of the analysts who follow Apple still have longer term valuations in this region. That said it is not all, and analysts who deviate from the pack need either to be right on a regular basis or they end up looking for a new job.
2 - Has anything dramatically changed at Apple to affect future revenue streams. There has been a lot of press on the sales levels of the iPhone 6s and 6s+. Both are reported to not be doing as well as hoped. But (a) these are generally fairly unproven reports that may be as related to new product cycles iPhone 7? as they are to current model sales. (b) This is one model only and its going to be replaced in 2016 by the iPhone 7 and possibly an iPhone mini.
It is also worth recognising that Apple has a fairly low valuation even at the $132 valuation. It is not IMHO an ex growth valuation as some have suggested. But it certainly does not reflect the multiples that other large tech companies obtain. This may be entirely fair, but what it does mean is that only limited success is required to fully validate valuations.
As I have said before large companies, and Apple is the largest, get a lot of very good analysis by hundreds of well paid, well trained individuals and teams. As such in the short term it is very hard to realistically expect to have an insight that is not generally available. But investing in the medium term in a business that does not need to do much to win and that has historically been able to develop one revenue stream after another seems to me to be a limited downside possibly high upside approach.
The only other item I will raise is that Apple has a history of share buy backs. If management see the current valuation as low I think we can expect to see a significant level of buy backs in this quarter.