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Apple removed from Focus List, target cut to $545 at JPMorgan

JPMorgan removed Apple from its Analyst Focus List and lowered its price target for shares to $545 from $725 following the company's Q2 results. The firm thinks Apple's June quarter outlook could weigh on shares over the short-term, but feels the company's buyback and dividend boost could set a floor in the stock. JPMorgan keeps an Overweight rating on Apple.