RBC trims Apple target

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From a note to clients Tuesday snagged by TheFly:

RBC Capital analyst Amit Daryanani lowered his price target on Apple to $235 given the “sustained datapoints” suggesting that the iPhone demand is waning.

The analyst states that he sees a “high probability” that the company may have already reflected the negative datapoints into its Q4 outlook, but expects investors to wait for the “noise level” to stabilize before turning more positive in spite of the 21% decline in its stock price since last reporting results.

Daryanani also keeps his Outperform rating on Apple given its “strong balance-sheet, aggressive buyback, and ability to drive gross margins higher”, adding that historically, the cuts in the supply chain have been more severe than the trends for the company.

Maintains Outperform rating, lowers price target to $235 from $240. 

My take: That $240 target was set four weeks ago. Five weeks before that RBC was at $250. Those “sustained datapoints” do wear you down.