From a note to clients by analyst Tom Forte snagged Wednesday by TheFly:
Tom Forte lowered his price target on Apple to $245 ahead of its Q1 earnings next week, saying the reduction reflects an update to his discounted cash flow model analysis with lower near-term outlook iPhone unit sales. The analyst is concerned that the sentiment from the company’s suppliers also suggests that iPhone softness could last beyond the December quarter. Longer term, Forte keeps his Buy rating on Apple based on its “attractive” valuation at current levels, with potential near term catalysts coming from “better-than-expected results from its newer products Apple Watch and HomePod as well as accelerated repurchase effort and increase in dividends.
Maintains Buy rating and lowers price target to $245 from $260.
My take: Waiting to see the note.