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Wall Street has a very simple model that has served it well for many many years:
Companies that are a monopoly will always be successful.
Companies demonstrating a plan to become a monopoly will eventually be successful.
The problem they have with Apple is that the company has no monopoly in any of its product lines, and the company doesn't demonstrate a desire to gain a monopoly by aggressively driving other companies out of business.
Bear in mind that Wall Street defines success in terms of market share of products shipped. It doesn't matter whether these products are paid for or not. In fact, if they are given away for free then that's even better because that's a fast way to build a monopoly.