Will a Cheaper iPhone Hurt Apple?

Respected Apple (NASDAQ:AAPL) bull Gene Munster cut his stock price target after assuming profit margins will shrink. Why the shrinkage? Munster explained his analysis of lowered profit margins were inspired by the possibility of Apple releasing a sub-$400 iPhone this year to target cost-conscious markets.

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However, Munster admitted he hadn’t accounted for the potential growth in market share for this particular segment. What? It’s a half-baked analysis that doesn’t account for new revenues?