Photo: Dan Frommer, Business Insider
Apple received a price target cut this morning from Oppenheimer.The new price target is $420, down from $450, due primarily to uncertainty around Apple’s plans for the next iPhone.
Oppenheimer had been anticipating a full month of new iPhone sales for September, but is now anticipating it goes on sale at the end of the month, affecting September quarter estimates.
iPad demand is still strong, but lower than expected iPhone sales coupled with big iPad sales could affect margins.
Oppenheimer remains “positive on the long term fundamentals” of Apple, but there is a bit of uncertainty in the next few months, so it’s pulling back its price target a little bit.
See Also: Here’s Why Apple’s Stock Is Dropping
Note: When we wrote our first version of this story, we didn’t have the Oppenheimer note. We now have it, and filled in the story accordingly.
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