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Jefferies cuts Apple stock price target to $420
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Mar 12, 2013, 12:41 PM
 
Jefferies analyst Peter Misek has slashed his price target for Apple stock from $500 to $420, below its current trading value. He argues that there's a 25 percent chance Apple will miss its guidance for the current quarter; he also cites supplier checks as indicating that Apple is having problem with new casing colors, pushing an alleged iPhone 5S ship date from June to somewhere between July and September. On top of this, prices for some of the components in Apple's rumored low-end iPhone are thought to be higher than anticipated, including a 4-inch Retina display and the same processor as the 5S. As a consequence he expects the phone to cost between $350 and $450.

Misek's iPhone shipment estimate for the current quarter has been trimmed from 37.5 million to to 35 million. He expects revenues to come in at $41 billion, but says Apple could miss its guidance if sales slow down further in the second half of March. Casting some doubt on Misek's claims about iPhone plans is a statement he made in February, alleging that "channel checks" pointed to an Apple TV-related event in March. The chance of that event was quickly shot down, and as of March 12th Apple has yet to send out any press invitations.
     
   
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