Pacific Crest analyst Andy Hargreaves upgraded Apple to "outperform" yesterday, citing the upcoming iPhone 6 as something that would pump up the stock.
In his note on Apple, he included this chart, which pretty much tells you all you need to know about the iPhone business. The iPhone's growth is slowing considerably as Apple shifts from taking on new iPhone owners to selling upgrades to current iPhone owners.
Image may be NSFW.
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