Jefferies maintained Apple AAPL with a Hold rating and lowered the price target from $500.00 to $420.00.
Jefferies commented, "Following our Feb 13 note, our Asia supply checks and sell-through checks lead us to cut revenues to the low end of CQ1 guidance; we see a 25% chance of missing guidance. Our checks also indicate that the iPhone 5S and low-cost iPhone launches return to CQ3 and that Apple is trying to bring forward its iPad launches to compensate. Our new estimates are even further below consensus for CQ2 and we cut our target from $500 to $420."
Apple closed at $437.87 on Monday.
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