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Apple Inc. needs a cheaper iPhone to keep pace with low-cost rivals, analysts said, after the company's smartphone sales fell short of lofty expectations in the holiday shopping season.The record 51 million iPhones sold by Apple in the quarter ended Dec. 28 fell short of the 55 million expected by Wall Street."We don't think Apple has created a meaningful new product category with the iPhone 5C," BMO Capital Markets analyst Keith Bachman wrote in a report.He said Apple should create a "more impactful medium-price iPhone," with a lower price tag than the 5C launched in September.Apple forecast sales of $42-$44 billion this quarter – brisker than usual because of its deal to sell iPhones through China Mobile, the country's No.1 carrier.
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