Jefferies & Company Reiterates Buy Rating, $800 PT on Apple

In a report published Friday, Jefferies & Company reiterated its Buy rating and $800.00 price target on Apple

. Jefferies noted, “Apple component suppliers have received order cuts in the last 24-48 hours, but we believe assembly orders remain unchanged. We maintain our 53M CQ4 iPhone estimate (46M-48M). For CQ1, we believe most of the component order cuts are due to CQ4 inventory being worked through but trim our iPhone estimate. Also, we trim our CQ4 and CQ1 GM estimates as the assembly execution issues are taking longer to resolve than expected.” Apple closed on Thursday at $529.69.