U.S. Markets open in 8 hrs 43 mins

Apple low-cost iPhone would generate limited profits, says Pacific Crest

Pacific Crest believes that 20% cannibalization on an iPhone priced below $300 could eliminate all of the company's profits from the device. The firm believes that a low-cost iPhone could damage Apple's brand, and it recommends that the company focus on software and services for the high-end customer. The firm maintains a Sector Perform rating on Apple.