Apple's (AAPL) Price Target Reduced to $105 from $125 at Deutsche Bank

Deutsche Bank maintained a Hold rating on Apple (NASDAQ: AAPL) and lowered its to $105.00 (from $125.00). Analyst Sherri Scribner said slowing smartphone growth, weaker China and GM headwinds limit upside.

"We expect C4Q-15 iPhone units to come in roughly in line with our 75.6M, however recent negative checks and supply chain datapoints suggest build plans for C1Q-16 and C2Q-16 are being cut and we have lowered our iPhone estimates for the remainder of FY-16. Given slowing smartphone growth, Apple’s declining market share, weakness in China and GM pressure, we see limited sales and profit growth for Apple in FY-16. Driven by our iPhone cuts, we are lowering out estimates and PT to $105 from $125. Given limited growth and catalysts, we see shares as range bound and maintain our Hold," said the analyst.

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 $96.96 yesterday.

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