Apple Shares Edge Lower; Oppenheimer Warns of 'Mixed' iPhone 5 Demand, Cuts Target to $460, Lowers Shipment Estimates

Traders in Apple

are attributing some weakness in shares to a somewhat concerning note from Oppenheimer's Ittai Kidron. The stock last traded down $1.04 to $401.50. Kidron reduced his price target on Apple shares from $480 to $460 and also lowered his iPhone shipments estimates for both Q3 and Q4. The analyst maintains an Outperform rating on shares of Apple. The analyst cited recent checks which pointed to solid iPhone 4 and 4S demand, but "mixed" demand interest for the iPhone 5. Kidron's lowered estimates were also based on a revised expectation for a new iPhone to contribute to an entire quarter: Kidron now sees the next iPhone contributing only to a portion of the quarter. He expects the new iPhone being unveiled in September. Kidron's new price target on shares of Apple represents potential upside of about 14 percent.