Apple (AAPL) Estimates Cut at Citi

(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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