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Despite the S&P 500 reaching its highest level in five years, Apple (NASDAQ:AAPL) shares closed the day in the red and continue to edge lower in late afternoon trading. Investors are likely waiting for the upcoming earnings report to stabilize shares. Goldman believes there is healthy upside. “Given the healthy supply ramp for the iPhone 5 and what we believe was remarkably strong demand, our [average selling price] and unit assumptions could prove too conservative,” analyst Bill Shope wrote in a note to investors, according to Barron’s. Shope, who reiterated a Buy rating and a $760 price target on the stock, added that he was modeling $53.58 billion in revenue and $12.58 per share in net profit on iPhone unit sales of 48.4 million.
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