Apple (AAPL) PT Lowered to $135 at Nomura

Nomura Securities analyst Jeffrey Kvaal reiterated a Buy rating on Apple (NASDAQ: AAPL) while lowering estimate sand his price target to $135.00 (from $145.00).

Kvaal commented, "Apple highlighted, repeatedly and perhaps excessively, macro and FX headwinds are pressuring March iPhone units. Our estimates and target decline from $145 to $135, though likely in line with investor expectations. Inventory and sub data suggest – as did Apple – that volumes will improve through 2016."

FY16 iPhone unit forecast from 234mn to 230mn, and EPS from $9.65 to $9.47.

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 $99.99 yesterday.

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