UPDATE: Jefferies Lowers PT on Apple Following FY14 Estimate Cuts

In a report published Friday, Jefferies analyst Peter Misek reiterated a Hold rating on

, but lowered the price target from $450.00 to $425.00. In the report, Jefferies noted, “We cut our FY14 estimates further below consensus (EPS $38.78 to $37.95 vs. St $42.66) due to 1) the 5c being priced like Apple's prior generation handsets rather than to a new level; 2) our checks indicate 5s supply constraints due to poor yields on the fingerprint sensor. Apple had two tough choices with the 5c pricing and the 5s sensor and opted for the higher price/lower market share option for both. We cut our target to $425 and reiterate our Hold.” Apple closed on Thursday at $472.69.