Goldman Sachs pulled Apple Inc. from its conviction buy list amidst fears that the stock may be subject to "negative speculation" leading up to the launch of the iPhone, according to MarketWatch. Financial analyst David Bailey isnit writing off Apple, however, and said that the stock should be "bought on dips."
The anticipation leading up to the June release of the iPhone has some investors concerned that Appleis foray into the smartphone market may not pay off. Those concerns are likely keeping the companyi stock from climbing back up to the near US$100 mark it hit in January, but that isnit stopping Mr. Bailey from keeping his long-term positive outlook.
Mr. Bailey is maintaining his "Buy" rating and $110 target price for Appleis stock. Apple is currently trading at $85.96, down 0.19 (0.22%).