updated 08:25 am EST, Mon January 30, 2006
BofA cuts AAPL target
Banc of America Securities today lowered its price target on Apple from $85 to $82, but reinterated its 'neutral' rating on the stock. MarketWatch reports that the research firm cited concerns that Apple has reduced manufacturing levels for iPods for the fiscal second and third quarters. "At this point, we are not clear if the heavy ship out of the last week of December or weaker-than-expected demand are the reasons," analyst Keith Bachman told the publication. Bachman also reduced his March Mac shipment estimates to 1.19 million from 1.22 million, saying that shipments will be constrained by limited availability of the MacBook Pro, which is not expected to ship until late February. The firm also expressed caution as Apple's sales may face a sales slow-down--which the company said it began to see last year--in anctipation of new Intel-based Macs. Apple shares were down 30 cents to $71.89 in pre-market trading.