And Now Here's Another Analyst Who Just Slashed His Price Target On Apple

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Here’s another one!Latest analyst to cut Apple: Andy Hargreaves at Pacific Crest:

Soft demand prompts reduced iPhone estimates. We believe weak global eco- nomic conditions and saturation at the high end of the smartphone market are reducing Apple’s ability to add new iPhone users. Consequently, we are reducing our F2013 iPhone unit estimate to 151 million from 174 million and our F2014 iPhone unit estimate to 161 million from 181 million.

Lower EPS estimates drive price target to $565 from $645. Our price target is based on 12.5x our F2013 EPS estimate of $45.13. We see the potential for down- side to $445 in a bearish scenario and upside to $630 in a bullish one.

For Citi’s big negative call on Apple, see here >

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