“Apple is going to be trading sideways for the next twelve months, says Pacific Crest analysts Andy Hargreaves and Corey Barrett in a note this morning,” Jay Yarow reports for The Wall Street Journal.

“They are downgrading the stock to “sector perform” and giving it a price target between $440 and $550 for the next twelve months,” Yarow reports. “They believe Apple has real long term problems. The high-end market for smartphones and tablets are going to be saturated sooner than expected which will lead to poor growth for Apple.”

Yarow reports, “They say that demand for ‘incremental’ hardware improvements is ‘waning.’ Essentially, they don’t believe people will continue to upgrade to a new iPhone. If the market for new iPhone buyers is already maxed-out, and the market for upgrading iPhones is weak, then Apple’s iPhone business is going to struggle.”

Read more in the full article here.

MacDailyNews Take: iCal’ed.

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