UPDATE: Jefferies & Company Reiterates Buy Rating, Lowers PT on Apple

In a report published Monday, Jefferies & Company reiterated its Buy rating on Apple

, but lowered its price target from $900.00 to $800.00. Jefferies noted, “We maintain our CQ4 and CQ1 estimates as builds and demand remain well above consensus. We shift our iPhone 5S launch timing from CQ4 to CQ3 (boosting FY13 EPS) but trim iPad units. In FY14 we see decelerating growth and, barring opex cuts, we think FY14 could see negative margin leverage, which likely leads to multiple compression. We introduce above-consensus FY14 estimates but cut our target from $900 to $800.” Apple closed on Friday at $533.25.