Goldman Sachs has removed Apple from its famous ‘Conviction Buy’ list.
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 List
on December 12, 2010, versus a 25.9% gain in the S&P 500. Our new 12-month target
price is $575, from $660 previously, based on a 13X multiple (previously 14X) on our
lowered CY2013 EPS estimate of $44.64 (previously $47.29). Key risks include delayed
product cycles, supply chain difficulties, product price erosion, and a slower pace of
product innovation. – GSCO
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