Jefferies Downgrades Apple (AAPL) to Hold, Slashes Estimate/PT
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.
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Shares of Apple are down 9 percent to $467 in pre-open trading.