Apple (AAPL) Estimates Cut at Citi
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Rating Summary:
45 Buy, 28 Hold, 7 Sell
Rating Trend:
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Today's Overall Ratings:
Up: 0 | Down: 0 | New: 0
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(Updated - July 5, 2016 7:16 AM EDT)
Citi cut estimates on Apple (NASDAQ: AAPL) for the next two quarters citing lower demand on Brexit, forex volatility and longer replacement cycles.
The firm cut Q3 EPS from $1.40 to $1.35 and Q4 from $1.63 to $1.54.
The firm cut Q3 iPhone estimates from 41 million units to 40.3 million units. They now see replacement rates of 30-36 months versus 24 months in 2013 and 28 months more recently.
The firm maintained a Buy rating and $115 price target.
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