In a report published Thursday, Jefferies analyst Peter Misek reiterated a Hold rating and $405.00 price target on Apple AAPL.
In the report, Jefferies noted, “Our analysis of Taiwan supply chain data indicates that Apple will likely report an in line CQ2 due to less channel inventory reduction. We think CQ3 guidance will be below consensus due to the new iPhones launching late in Sep but believe the larger risk is to St CQ4 numbers as the iPhone 5S likely has little differentiation and the low-cost iPhone will still be too expensive to address to low-end, in our view. We reiterate our Hold.”
Apple closed on Wednesday at $420.73.
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