Bernstein estimates that Apple would have to sell about 125M iPhones to first time iPhone buyers over the next two years to meet consensus expectations for FY14 and FY15. The firm thinks the company may be able to accomplish this task, but barely. Bernstein predicts that iPhone growth will continue to slow, highlighting the company's need for lower priced phones or new product categories. It keeps a $600 price target and Outperform rating on the shares.
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