We only have the summary excerpt of his note, but he blames the stock’s weak performance on the lack of a new iPhone this summer.
He says what most everybody is now saying — a new iPhone is coming in September, but it will not be a major upgrade. He expects faster internals on it to make iOS5 perform well.
Naturally, Reitzes still thinks Apple is a good investment and has a $465 price target on the stock. There’s room for double digit “organic” revenue growth. He also says 2011 feels a bit like 2006 for Apple when it shifted to Intel chips. (It’s shifting to Qualcomm this year.)
We think there are a few issues at play here with Apple: It’s already huge, and it can’t grow forever, Steve Jobs health has an effect on the stock, Android is a real threat, and the change in the iPhone schedule is throwing people off.
For our full analysis read: The Real Reasons Apple’s Stock Is Dropping
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