Apple valuation decline could reverse, says JPMorgan

JPMorgan believes the deterioration in Apple's valuation could reverse as the risk-on trade eases. The firm attributes the sharp pullback in shares to concerns around revenue deceleration, increasing competition, gross margin deterioration, and a lack of product catalysts. JPMorgan thinks consensus estimates for Apple could move higher through 2013 and keeps an Overweight rating on the stock with a $725 price target.

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