Apple's attracting a lot of negative attention for having $137 billion in the bank, but is this really such a bad thing to have cash in reserve?

Jefferies analyst Peter Misek yesterday published a note for investors saying that Apple has a challenging two years ahead of it. Misek suggested that the push into developing mobile markets, necessary technology development spending, and financial factors could put Apple in a tough place over the next two years, writes Apple Insider.

According to Misek, there are a number of reasons why Apple will need more money in the bank.

He expects that capital expenditure requirements will double in the next two years. For example, Apple may have to finance the build-out of chip fabrication facilities for TSMC. The company may also see extra costs related to Apple's iCloud data centers.

Misek also notes Apple's move into new mobile phone markets like India and China. He notes that Apple has seen successes in India since introducing payment plans, but he notes that sales are "slowing dramatically" in these regions where people have less money to spend.

Misek also referred to "white box smartphones" which is his term for budget mobiles that target these markets.

Misek's current price target for Apple is $500, far below his target of $900 last year.

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