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APR 02, 2013 - Business Insider

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Here's Why Goldman Just Removed Apple From Its 'Conviction Buy' List

Goldman Sachs has removed Apple from its famous 'Conviction Buy' list. Here's why: We remove Apple from the Americas Conviction List, but we maintain our Buy rating.Based on Monday’s close, AAPL has gained 33.8% since being added the Conviction Liston December 12, 2010, versus a 25.9% gain in the S&P 500. Our new 12-month targetprice is $575, from $660 previously, based on a 13X multiple (previously 14X) on ourlowered CY2013 EPS estimate of $44.64 (previously $47.29). Key risks include delayedproduct cycles, supply chain difficulties, product price erosion, and a slower pace ... Read More

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