UPDATE: Topeka Capital Markets Cuts PT to $888 on Apple Following Results

Topeka Capital Markets reiterated its Buy rating on Apple

but reduced its price target from $1111.00 to $888.00. Topeka Capital Markets noted, "Last night, Apple reported 1QFY13 results and offered up a 2QFY13 sales outlook that was inline with our model but fell short of the Street's estimates, while margins are expected to be below our projections. … Given the decline in the share price, we are lowering our 12-month price target to $888.00 from $1,111.00 based on over 13x (S&P 500 multiple) our interest expense/income adjusted CY14 pro forma EPS estimate plus net cash per share of $144.75." Apple closed at $514.01 on Wednesday.