Morgan Keegan & Co. Inc. analysts cut their price target for Apple Inc.? to $513 from $530 a share, according to a MarketWatch story on Tuesday.
The decision was based on data that iPad and Mac sales were lower than planned for December, though the Cupertino-based company's (NASDAQ:AAPL) sales of the iPhone were up.
The brokerage and investment banking firm said: "As we do every quarter, we are adjusting our EPS estimates for Apple based on various data points that have arisen since the company gave guidance in mid-April. Our December quarter GAAP EPS for Apple is decreased to $10.10 from $10.24. Our fiscal year 2012 GAAP EPS estimate is decreased to $33.32 from $33.76."
Apple was trading up 1.44 percent, or $410.83 per share on Tuesday afternoon.
Written by Lisa Sibley. She can be reached at 408.299.1830 or lsibley@bizjournals.com.
Morgan Keegan & Co. Inc. analysts cut their price target for Apple Inc.? to $513 from $530 a share, according to a MarketWatch story on Tuesday.
The decision was based on data that iPad and Mac sales were lower than planned for December, though the Cupertino-based company's (NASDAQ:AAPL) sales of the iPhone were up.
The brokerage and investment banking firm said: "As we do every quarter, we are adjusting our EPS estimates for Apple based on various data points that have arisen since the company gave guidance in mid-April. Our December quarter GAAP EPS for Apple is decreased to $10.10 from $10.24. Our fiscal year 2012 GAAP EPS estimate is decreased to $33.32 from $33.76."
Apple was trading up 1.44 percent, or $410.83 per share on Tuesday afternoon.
Written by Lisa Sibley. She can be reached at 408.299.1830 or lsibley@bizjournals.com.
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