Credit Suisse Lowering Estimates On Apple

Credit Suisse is out with a research report on Apple

and is lowering its estimates. It has an Outperform rating and a $500 price target on shares. In a note to clients, Credit Suisse writes, "Despite weaker end-market growth for smartphones, tablets and PCs, we maintain our FY11 EPS estimate of $27.49 for Apple while only slightly adjusting our FY12 estimate to $35.14 (from $35.32). We continue to believe that Apple is well-positioned across key product lines owing to a competitive advantage in software, hardware, and its ecosystem. Our estimates are around 15% above consensus." Shares of AAPL closed at $389.99 yesterday.