UPDATE: Jefferies Lowers PT on Apple on Cut iPhone Estimates

In a report published on Monday, Jefferies analyst Peter Misek lowered the price target on Apple AAPL from $420 to $405 and maintained a Hold rating.

In the report, Jefferies stated, "Our checks indicate broad-based iPhone build plan cuts, which followed our checks last week indicating retail/carrier smartphone inventory levels are at ~10 weeks (vs. typical 4-6). We cut our CQ3 iPhone estimate from 30M to 27M (St ~30M) and CQ4 from 50M to 45M. We remain cautious on Apple as it fills in its product gap with a ~5" iPhone 6 next year and trim out target to $405."

Apple closed on Friday at $413.50.