Brean Capital analyst Ananda Baruah lowered his price target for apple (AAPL) to $155 from $170 after adjusting his revenue, gross margin and earnings estimates through 2017.
It may take until August before analysts appropriately adjust their estimates for iPhone SE volumes and overall iPhone unit growth in the June quarter, Baruah tells investors in a research note. The analyst believes that after months of softening, Apple's supply chain has seen some stabilization.
He thinks the company is tracking to ship around 50M iPhones for the March quarter. Baruah's new price target of $155 is 15 times his 2017 estimate of $10.39, which was reduced from $11.49. The Street is at $10.02 for 2017. The analyst keeps a Buy rating on Apple. The iPhone maker closed Friday up $1.00 to $109.99.
