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Banc of America Securities initiates Apple coverage

Banc of America Securities has initiated coverage of Apple at “neutral,” saying it is concerned that Power Mac G5 refresh sales will slow, iTunes won’t contribute to the bottom line, and iPod is not “the only game in town anymore.” The research firm said Apple “runs the risk of generating significant refresh sales to its installed base for the next couple of quarters, and then running out of steam once sales to the installed base are satisfied.”

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