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

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Topeka Capital Markets reiterated its Buy rating on Apple (NASDAQ: AAPL) 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.

Latest Ratings for AAPL

DateFirmActionFromTo
Apr 2015FBR CapitalInitiates Coverage onOutperform
Apr 2015Maxim GroupInitiates Coverage onHold
Apr 2015Raymond JamesDowngradesOutperformMarket Perform

View More Analyst Ratings for AAPL
View the Latest Analyst Ratings

Posted-In: Topeka Capital MarketsAnalyst Color Price Target Intraday Update Analyst Ratings

 

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