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Jefferies Maintains Apple at Hold on Emerging Market Price Pressures

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In a report published Tuesday, Jefferies analyst Peter Misek reiterated his Hold rating on Apple (NASDAQ: AAPL) stock and maintained its price target at $420.

In the report, Misek wrote, "Our in-depth global analysis of smartphone markets, incomes, and ecosystem strength by country concludes that most incremental smartphone growth will come at < US$200 ASPs, a $350-$450 iPhone may be too expensive, and iPhone profits likely peaked in CY12. This introduces risk to our FY14 Apple estimates that are already 20% below St for EPS driven by GM 00bp below St and iPhone ASP -15% Y/Y."

Apple closed Monday at $428.91.

Follow Alex Biles on Twitter at @perfectlyaloof

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Dec 2018DA DavidsonReiteratesBuyBuy
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