NEW YORK (AP) — Goldman Sachs has taken Apple off its list of most highly recommended stocks, joining other analysts in dialing back its expectations for the company.
Goldman analyst Bill Shope said in a client note that the iPhone 5, introduced last fall, hasn't sold as well as he expected. He says the company now needs some real "hits" among the products it rolls out during the second half of the year.
Shope took the company off Goldman's "Americas Conviction List," a list Apple Inc. had been on since December 2010. But he keeps a "Buy" rating for the company.
After a heady decade, Apple's sales growth is slowing down. It hasn't unveiled a revolutionary new product since the iPad in 2010.
A call to Apple for comment was not immediately returned.
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