Jefferies Reiterates Hold Rating, $450 PT on Apple Following iPhone 5S/5C Announcement

In a report published Wednesday, Jefferies analyst Peter Misek reiterated a Hold rating and $450.00 price target on

. In the report, Jefferies noted, “The iPhone 5C's $99 on-contract price is higher than expected and still leaves Apple with a product gap in the low-end. While the iPhone 5S fingerprint scanner provides some differentiation, we think its low yields could be a headwind to margins and initial unit volumes. We expect choppy trading for AAPL after the launch date.” Apple closed on Tuesday at $494.64.