Jefferies Reiterates Hold Rating on Apple Following June EPS Results

In a report published Wednesday, Jefferies analyst Peter Misek reiterated a Hold rating and $405.00 price target on Apple AAPL.

In the report, Jefferies noted, “CQ2 EPS beat expectations mainly due to lower share count with iPhone strength offsetting iPad weakness. iPhone shipments of 31M (JEF 26M, St 26.4M) beat but with lower ASP and mix shift, confirming our high-end smartphone saturation fears. Guidance is below consensus estimates but implies a Sep iPhone launch due to lower iPhone inventory draw. We still see risk to CQ4 based on a likely lackluster iPhone 5S reception.”

Apple closed on Tuesday at $418.99.