UPDATE; Sterne Agee Reiterates Buy Rating, Lowers PT on Apple Ahead of March Quarter Report

In a report published Monday, Sterne Agee analyst Shaw Wu reiterated a Buy rating on Apple

, but lowered the price target from $630.00 to $610.00. In the report, Wu noted, “AAPL will report its March quarter this Tuesday, April 23, after the close. Since we cut numbers in mid-March, consensus estimates have come down a bit. We continue to believe AAPL will likely hit the lower-end of its guidance meaning consensus estimates may still be a little high. However, we believe expectations for the June quarter have come down adequately to reflect an inventory drawdown and pause ahead of 2H refreshes. The good news is that data points appear to be hitting a bottom.” Apple closed on Friday at $390.53.