An analyst with Wall Street firm Morningstar says that Appleis stock is "riding on vapors, a lot of promise and hope." The comments from analyst Rod Bare come in an article from CNN that looks at how Apple CEO Steve Jobsi cancer surgery might affect the companyis valuation.

At issue, of course, is what would happen if Steve Jobs had to, or chose to, leave Apple. CNNis focus is that Appleis stock trades with a P/E of 36 , and the article suggests that such a valuation depends in part on Steve Jobs himself, a position Mr. Bare seems to support.

Mr. Bare told CNN: "When you take a stock thatis riding on vapors, a lot of promise and hope that the next big thing will be around the corner, something like this does make you think. [...] Apple does rely on a cult of personality and the stock trades on some of that. [...] Appleis board must always have in the back of its mind, iWill Steve Jobs get bored with this and do something else or will Pixar require more of his time?i Jobs is a guy who could call it a day on short notice."

The full article includes more information on Appleis management team, including a look at how Appleis interim head honcho, Tim Cook, might fare in his job.

Not discussed is the fact that Apple is one of the only profitable PC companies, or any of the different product lines and other successes from Apple that have played a role leading up to its current valuation. The reporter also did not offer any supporting or critical opinions on Mr. Bareis comments about Apple.