Jefferies reported on Friday that it has lowered its price target on Apple Inc. (AAPL
Analyst Peter Misek reported that he has maintained a “Hold” rating on APPL and has cut his cut price target on the company from $450 to $425. This price target suggests a 10% decline from the stock’s current price of $472.69.
Looking ahead, the analyst has increased third quarter estimates from $7.58 to $8.14 per share. For FY2014, estimates have been lowered from $38.78 to $37.95 per share.
The analyst also reduced shipping estimates for FY2014 from 162 million to 147 million units. He noted that sources in Asia have indicated that iPhone demand might not be strong due to “paying a high premium for a product over a year old, made of plastic, has a 4″ screen, and often linked to a content store that is not superior to alternatives.”
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Apple shares were down $2.24, or 0.47%, during pre-market trading Friday. The stock is down 11% YTD.
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