Jefferies Downgrades Apple (AAPL) to Hold, Slashes Estimate/PT

Jefferies Peter Misek downgraded Apple (NASDAQ: AAPL) from Buy to Hold with a price target of $500.00 (from $800.00) following disappointing Q1 results after the close.

He cited: 1) slowdown in iPhone sales is real and material; 2) we believe margins are likely to continue to fall; 3) new guidance methodology implies less potential upside to the model.

Misek cut Q2 EPS from 12.50 to $10.04, FY13 from $56.04 to $44.11 and FY14 from $62.48 to $46.10.

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

Shares of Apple are down 9 percent to $467 in pre-open trading.

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