Jefferies Reiterates Hold Rating, $420 PT on Apple Following Asia Trip

In a report published Tuesday, Jefferies analyst Peter Misek reiterated a Hold rating and $420.00 price target on Apple

. In the report, Misek noted, “For CQ1 we think Apple likely achieved the low end of guidance but that results will be below consensus and see substantial downside to CQ2 consensus. After our Asia trip we now think the low-cost iPhone launch could be pushed to CQ4 and have increased confidence that the iPhone 6 will not launch until CY14. We maintain our below-St estimates; our FY14 ests are 20% below St for EPS driven by GM 300bp below St and iPhone ASP -15% Y/Y.” Apple closed on Monday at $419.85.