Here's Why Goldman Just Removed Apple From Its 'Conviction Buy' List

Goldman Sachs has removed Apple from its famous 'Conviction Buy' list.

Here's why:

We remove Apple from the Americas Conviction List, but we maintain our Buy rating.
Based on Monday’s close, AAPL has gained 33.8% since being added the Conviction List
on December 12, 2010, versus a 25.9% gain in the S&P 500. Our new 12-month target
price is $575, from $660 previously, based on a 13X multiple (previously 14X) on our
lowered CY2013 EPS estimate of $44.64 (previously $47.29). Key risks include delayed
product cycles, supply chain difficulties, product price erosion, and a slower pace of
product innovation. - GSCO

Of course, here's the real reason.

@thestalwart Real reason: "the stock went down huge; we don't know why; horse gone so let's shut the barn door"

— PEG (@pegobry) April 2, 2013