UPDATE: Goldman Sachs Reiterates Buy Rating, Lowers PT on Apple

In a report published Wednesday, the Goldman Sachs Group reiterated its Buy rating on Apple

, but lowered its price target from $850.00 to $790.00. Goldman Sachs noted, “Apple reported disappointing June quarter results and guidance. June quarter revenues and EPS came in at $35.02 billion and $9.32, below our estimates of $35.54 billion and $9.98 and consensus of $37.18 billion and $10.36. Meanwhile, the company guided to September quarter revenues and EPS of $34 billion and $7.65, versus our expectation for $35.69 billion and $9.42 and consensus of $38.0 billion and $10.22. While we had expected some weakness as a result of a pause in iPhone demand ahead of the iPhone 5 refresh, the impact was greater than we anticipated. In addition, Apple's gross margin performance and macro commentary served as key sources of disappointment.” Apple closed on Tuesday at $600.92.