In a report published on Monday, Jefferies analyst Peter Misek lowered the price target on Apple AAPL from $420 to $405 and maintained a Hold rating.
In the report, Jefferies stated, "Our checks indicate broad-based iPhone build plan cuts, which followed our checks last week indicating retail/carrier smartphone inventory levels are at ~10 weeks (vs. typical 4-6). We cut our CQ3 iPhone estimate from 30M to 27M (St ~30M) and CQ4 from 50M to 45M. We remain cautious on Apple as it fills in its product gap with a ~5" iPhone 6 next year and trim out target to $405."
Apple closed on Friday at $413.50.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
date | ticker | name | Price Target | Upside/Downside | Recommendation | Firm |
---|
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.