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Apple Shrs 'Range-Bound' On Lack Of Big Phone, Analyst Says

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Apple shares are likely to remain range-bound in 2013, Piper Jaffray analyst Peter Misek asserts in a research note, due to the company's lack of a big screen iPhone.

Misek says the main message you get from walking the floor at this week's Mobile World Congress in Barcelona is that smartphone screen sizes are now large, and that the iPhone 5 screen is small. He thinks an iPhone 6 won't appear until 2014, leaving the stock stuck in neutral.

Misek contends that the new standard screen size is in the 4.7 inch to 5.5 inch range - pointing to flagship phones from other providers, like the Huawei Ascend P2 (4.7"), Huawei Ascend D2 (5"), LG Optimus G Pro (5.5"), Sony Xperia Z (5"), and HTC One (4.7"). Samsung's Galaxy S4, to be announced March 14, is expects to have a 5 inch screen.

"We think this demonstrates how badly Apple is losing the screen-size war," he writes. "And while this has primarily been a high-end trend so far, we think that it could be even more pronounced as it moves to the low end and consumers do not have the money to buy a smartphone and a tablet so they migrate to the phablet form factor."

Misek keeps his Hold rating and $500 target on Apple shares.

AAPL is down $2.71, or 0.6%, to $448.10.