UPDATE: Canaccord Genuity Reiterates Buy Rating, Lowers PT on Apple
In a report published Monday, Canaccord Genuity reiterated its Buy rating on Apple (NASDAQ: AAPL), but lowered its price target from $800.00 to $750.00.
Canaccord Genuity noted, ‘While our November channel checks indicated very strong sales of the iPhone 5, we are slightly lowering our F2013 and F2014 iPhone and iPad estimates due to softer sales expectations in international markets, primarily in Europe. While order reductions to iPhone suppliers are not unusual this time of year, we believe reduced iPhone 5 orders for the March quarter could also indicate an earlier launch of new iPhone products in the June quarter. Despite our slightly lowered estimates, we believe Apple's industry leading software ecosystem and integrated hardware experience will result in a strong multi-year product cycle. We reiterate our BUY rating, but slightly lower our price target from $800 to $750.”
Apple closed on Friday at $509.79.
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