Apple (AAPL) Numbers Lowered at Canaccord Genuity on Slower High-End Smartphone Growth

July 10, 2013 11:17 AM EDT
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Canaccord Genuity analyst T. Michael Walkley lowered estimates and its price target on Apple (NASDAQ: AAPL) Wednesday from $560 to $530 but reiterated its Buy rating citing slower high-end smartphone sales growth trends.

"Our June global handset surveys indicated the iPhone 5 remained a top-selling smartphone at essentially all global carriers... However, our global handset surveys indicated the iPhone has lost sell-through market share post the launch of the Samsung Galaxy S4."

Mr. Walkley added, "With Samsung reporting high-tier smartphone sales below market expectations and already reducing prices of the Galaxy S4, our survey work indicates softening demand for high-tier smartphones."

Mr. Walkley decreased his 2013 and 2014 Annual EPS estimates to $39.29 and $44.04, respectively. He also decreased his 2013 and 2014 Annual Revenue estimates to $170.6B and $187.5B, respectively.

For an analyst ratings summary and ratings history on Apple click here. For more ratings news on Apple click here.

Shares of Apple closed at $422.35 yesterday.

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