UPDATE: Sterne Agee Lowers PT on Apple Ahead on iPhone 5S Supplier Checks

Sterne Agee analyst Shaw Wu published a report on Apple AAPL that reiterated its Buy rating and lowered the price target from $715 to $630 per share. Sterne Agee reported that, “We are picking up from our supplier checks build plan reductions for iPhone likely due to an inventory drawdown ahead of refreshes in the 2H. In addition, we see evidence of sourcing activity for what appears to be iPhone 5S and a lower-cost iPhone using composite material casing. We are reducing our iPhone forecast but leaving iPads and Macs intact. With 2 weeks left, we believe AAPL will likely hit the lower end of its guidance. The good news is this is better than most expecting a miss.” Shares of Apple closed at $432.50 on Thursday.