The balance of bulls and bears has reverted to something closer to the norm.
Read More Apple is back above $225: Look who's underwater now
"There just aren’t many non-users left."
This is the second time in three weeks that Jeffrey Kvaal has set an underwater price target.
Read More With Apple at $225, Nomura Instinet raises price target to $215
Paging Emily Litella.
"A high-priced oasis for the world’s rich."
Read More New York Times: In praise of Apple's business model
This is a deep dive, illustrated with 32 tables and 155 charts.
Apple loyalists still line up for the newest thing, but not necessarily for the thing you think.
Read More Remember when people brought tents to Apple launches?
Write your own punchline.
Until now, Apple's approach to making iPhones affordable was to sell you last year's phone.
But the walled garden is not a lucrative place to be.
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