Apple: JPMorgan lowers its valuation slightly

(AOF) – JPMorgan reduced its price target from $210 to $205 and confirmed its recommendation to Overweight Apple ahead of quarterly results. The research firm moderates its revenue and profit forecast for the second time this month.

While its previous revision was driven by a slight reduction in iPhone and service revenues, the latest revision is entirely due to preliminary smartphone data for Q1 2012, which came in below expectations according to analysts’ estimates. industry, partially offset by higher-than-expected PC shipments for the 1st calendar quarter of 2012.

The broker anticipates the sale of 235 million iPhones this year, against 245 million previously, including 55 million in the first three months of the year against 60 million previously.

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