Goldman Sachs took Apple (AAPL) off of its prized "conviction buy list".  The reason according to MarketWatch is that the stock may be subject to "negative speculation" between now and the mid-year launch of the iPhone.

On the other hand, Goldman kept its 12-month target of $110. Which is it?

Goldman went further by saying that it preferred Hewlett-Packard (HPQ) to Apple "at this time".

So, if you have $1, where will you put it?

Not in Apple. Not based on Goldman. Now, that’s conviction.

Douglas A. McIntyre can be reached at douglasamcintyre@247wallst.com. He does not own securities in companies that he writes about.