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Technology Stocks : Apple Inc.

AAPL 261.44

-0.3%

3:13 PM EST

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From: Moonray	7/11/2016 9:38:23 AM
	of 213181

Apple (AAPL) Stock Up as Pacific Crest Drops Price Target By Rachel Aldrich - Jul 11, 2016 9:20 AM EDT Pacific Crest lowered its price target on Apple (AAPL) stock this morning on iPhone 7 predictions. NEW YORK (TheStreet) -- Shares of Apple (AAPL) are up 0.56% to $97.22 in premarket trade despite Pacific Crest lowering its price target on the stock to $121 from $123 in an analyst note released this morning. The firm has an "overweight" rating on shares of the Cupertino, CA technology company, saying the risk and reward is still "favorable." Analysts noted that check-ins with iPhone suppliers in Taiwan brought reports that iPhone 7 and 7+ sales in the second half of 2016 could be down 20% from comparable sales on the 6S and 6S+ models. "We are slightly reducing our iPhone and Mac unit estimates to account for a potential slowdown in European consumer spending," Pacific Crest added. While recent investor sentiment on the company has been overwhelmingly negative, Pacific Crest said that their analysts believe Apple will report in-line fiscal third-quarter results and positive fiscal fourth- quarter guidance. o~~~ O

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