UPDATE: Goldman Sachs Removes Apple from CL-Buy List After Most Recent Product Cycle

In a report published by Goldman Sachs, analyst Bill Shope downgraded Apple

from Conviction List Buy to Buy and lowered the price target from $660 to $575. In the report, Goldman Sachs wrote, "We continue to believe Apple's platform-centric business model makes its cash flows and installed base loyalty far more resilient than traditional hardware-centric companies. In addition, we believe Apple is set to announce a new capital allocation plan in short order, and a substantial increase in its dividend and/or share repurchase authorization could provide a healthy floor for the stock price. Despite our optimism on this front, we believe the stock's outperformance over the next 12 months will be more closely tied to whether or not the company's next product cycles can reinvigorate market share momentum and installed base growth." Shares of Apple closed at $428.91 on Monday.