RBC Cuts Apple Price Target to $550, Reiterates Outperform Rating

RBC Capital's Amit Daryanani cut his price target on shares of Apple

Friday morning. The analyst now sees Apple shares rising to $550 over the next year, down from $600 previously. Daryanani reiterated an Outperform rating on Apple. The analyst said recent checks imply Apple dealt with weaker demand and mix headwinds during March. Daryanani now estimates Q2 sales of $41.2 billion and EPS of $9.59. The analyst is modeling for Q3 sales of $37.3 billion and EPS of $8.72. Daryanani believes product momentum may return during the second half of this year, citing the following catalysts:

Apple shares have just opened down 0.5 percent at around $432.24.