UPDATE: Canaccord Genuity Cuts PT to $750 on Apple on Softer Mix, Sales
Canaccord Genuity reiterated its Buy rating on Apple (NASDAQ: AAPL) but reduced its price target from $800 to $750.
Canaccord Genuity said, "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."
Apple closed at $509.79 on Friday.
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