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Technology Stocks : Apple Inc.

AAPL 270.98

-0.3%

Jan 2 3:59 PM EST

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From: Moonray	5/11/2016 8:14:28 AM
	of 213177

Apple price target lowered to $115 from $120 at UBS UBS analyst Steven Milunovich lowered his price target on Apple to $115 from $120 to reflect reduced estimates in the firm's iPhone model. The iPhone 6 has been followed by an apparent lengthening of the upgrade cycle, Milunovich noted, citing changing carrier plans and less feature differentiation. His base case for FY17 is total iPhone unit growth of 4% to 217M, based on a 23% upgrade rate and a decline in new customers, he told investors. The analyst expects the shares to be range bound for now, with its low multiple acting as downside support and a lack of catalysts providing a ceiling. UBS maintains its Buy rating on Apple shares. o~~~ O

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