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Walkley, who cut his price target on Apple shares to $650 from $750 after the company’s earnings announcement in January but kept his Buy rating, reiterated that it was a good time to invest in the iPhone maker. The analyst said he expected Apple’s “industry-leading software and its leading hardware expertise” to result in strong multiyear product cycles for its key devices.
Apple’s softer-than-expected guidance for the current quarter may have been to account for ramping up the supply of the iPhone 5 in the December quarter as well as the potential for an earlier-than-usual product transition during the first half of the year, he said.
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