Another morning, another analyst cuts Apple's price target.
In a note titled, "Treading Water," Oppenheimer analyst Ittai Kidron cut Apple's price target to $460, down from $480.
He's cutting his target based on weaker than expected iPhone sales coupled with a shift in the mix of iPhone units.
"Our checks suggest continued solid iPhone 4/4S demand and mixed iPhone 5 demand," says Kidron. He's lowering the average price of an iPhone unit sold. And he's cutting his units by 1 million to 26 million for the quarter.
He's also tweaking estimates for the September quarter, assuming that Apple doesn't release a new iPhone until the end of September.
Yesterday, Jefferies slashed iPhone estimates, and the stock tanked.
So far, pre-market, Apple's stock is hanging in. We'll see what changes during the day.
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