UPDATE: Monness Crespi Hardt Cuts Apple PT to $670 on iPhone Supply Checks

Monness Crespi Hardt reiterated its Buy rating on Apple

and lowered the price target from $750.00 to $670.00. Monness Crespi Hardt noted, "Supply chain checks leave us comfortable with 47 mln iPhones in 1QFY13, but suggest less than 40 mln builds for 2QFY13. Display constraints could limit upside for iPhone 5 this quarter, but we are lowering our build and shipments forecasts for 2QFY13 following a round of checks, which confirm recent order cut chatter. We now see less than 40 mln total iPhone builds and lowered our shipment estimate in our model from 43.5 mln to 38.5 mln. One check noted the cuts for 2QFY13 were partly due to slightly slower iPhone 4 and 4S sales, which is very interesting as a read on the low-end market." Apple closed at $500.00 on Friday.