Canaccord Genuity Cuts Apple (AAPL) PT to $650, Keeps 'Buy' Rating

Canaccord Genuity analyst T. Michael Walkley cut his price target on Apple (NASDAQ: AAPL) from $750 to $650 and lowered estimates following Q1 results. He reiterated his Buy rating.

Walkley comments, "Consistent with our monthly store surveys indicating solid iPhone 5 sales and stronger-than-expected legacy iPhone4S/4 sales, Apple reported Q1/F13 results in line with our estimates. However, Apple provided guidance below our estimates and consensus. We believe the soft March quarter guidance was due to Apple ramping supply of the iPhone 5 during the December quarter to high inventory levels, combined with the potential for an earlier-than-usual product transition during 1H/C2013 for the iPhone. We maintain our belief Apple has a strong product pipeline that should result in reaccelerating Y/Y earnings growth during the June quarter."

The analyst lowered F2013 EPS estimate from $50.25 to $45.70 and F2014 EPS estimate from $57.45 to $53.68.

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 $514.01 yesterday.

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