Goldman raised its Apple stock price forecast, but the note is largely negative on the company

after spending most of the note to clients discussing how its services business growth may fall short.

The analyst notes the services spike earlier in the year was likely due to the launch of a couple games in China. And Hall notes that if the weak June trend continues, then Goldman would have to take down their estimate for services revenue this quarter even further. Services are now a key focus for Apple given that smart phones have reached near peak penetration.

"We are increasing our 12-month price target to $187 from $171 based on 15.4x P/E vs. the 14.1x P/E we were previously using to reflect a higher S&P 500 P/E multiple and an unchanged 10% discount to that multiple," Hall wrote.

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