Apple Analysts Cut Price Targets After Disappointing Quarter

Almost across the board on Thursday, sell side analysts slashed their price targets on Apple AAPL as the stock tumbled about 10 percent. Brian White of Topeka Capital, who had the highest price target on the street, cut it from $1111 to $888. He maintained his Buy rating. Jeff Gundlach, founder of Doubleline Capital, appeared on CNBC Wednesday and basically called out White directly. Gundlach, a noted Apple bear, trashed the analyst community and characterized White's $1111 price target as a “cute” figure indicative of “game playing.” Other analyst changes:

• BTIG reiterated its Neutral rating with no price target.
• RBC maintained its Outperform rating, but lowered its price target from $725 to $600.
• Nomura maintained its Neutral rating and lowered its price target to $490 from $530.
• Jefferies downgraded the company from Buy to Hold and lowered its price target from $800 to $500.
• Credit Suisse maintained its Outperform rating and lowered its price target to $600 from $750.
• Deutsche Bank lowered its price target to $575 from $800 and maintained its Buy rating.
• BMO lowered its price target to $580 from $640 and maintained its Outperform rating.
• Stifel Nicolaus maintained its Buy rating and lowered its price target from $725 to $650.
• Goldman lowered its price target from $760 to $660 and maintained its Buy rating.
• Scotia lowered its price target to $528 from $600 and downgraded its rating to Sector Perform from Outperform.
• Barclays lowered its price target to $575 from $740 maintained its Overweight rating.
• Credit Agricole lowered its price target to $575 from $680 maintained its Buy rating.
• Piper Jaffray maintained its Overweight rating but lowered its price target to $767 from $875.
• Canaccord lowered its price target from $750 to $650 and maintained its Buy rating.
• Sterne Agee maintained its Buy rating and lowered its price target to $715 from $840.
• Janney lowered its price target to $610 from $745 and maintained its Buy rating.
• Societe Generale lowered its price target from $800 to $560 maintained its Buy rating.