Goldman Calls Apple's (AAPL) Results a "Disappointment" But Sees "Short Window" for Bears

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Goldman Sachs weighed in on Apple (NASDAQ: AAPL) following last night's rare earnings miss. The firm lowered estimates and cut its price price target from $850 to $790 but maintained its Conviction Buy List rating on the name. They called it a tough miss, but said "bears have a very short window."

"While we had expected some weakness as a result of a pause in iPhone demand ahead of the iPhone 5 refresh, the impact was greater than we anticipated," the analyst said. "In addition, Apple’s gross margin performance and macro commentary served as key sources of disappointment."

For the September quarter, the firm now sees EPS of $8.21 on revenues of $34.03 billion and also lowered FY2012, FY2013, and FY2014 revenues and EPS by 1% to 4% and 3% to 10% respectively.

Despite the disappointment, Goldman said investors concerns may be "very short-term in nature, and we suspect the stock will rebound quickly."

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 $600.92 yesterday, with a 52 week range of $353.02-$644.00.

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