UPDATE: JP Morgan Lowers PT on Apple to $725
JP Morgan published a research report on Apple (NASDAQ: AAPL) and lowered its price target from $770 to $725 with a maintained Overweight rating.
In the report, JP Morgan wrote, "We are trimming our near-term estimates for Apple due to lighter sell-in activity for the iPad in Dec-Q. While our estimates for the out quarters do not change much, we are worried that any near-term weakness related to iPad could add more fuel to investor concerns over iPhone softness and consolidated gross margin risks. We are comfortable with our iPhone unit estimate for the Dec-Q but are making minor tweaks to the out quarters as Euro-zone sales could be lighter until LTE network capacity increases. As for consolidated gross margin, we are increasing our estimates as recent order cuts for iPhone 5 components could signal improved manufacturing yields. If gross margin can return closer to 40%, the bear mongering stands to ease, in our view."
Apple closed at $506.06 on Wednesday and is currently trading down 0.33 percent.
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