BMO Capital analyst Keith Bachman adjusted his target price for Apple down a notch on Thursday and said that the weak economy has started to take a toll on Appleis system business.
Mr. Bachman adjusted his estimates for Apple down very slightly: 2.71 million Macs for the September quarter instead of 2.86, 12 million in 2009 vs 12.6 million and US$40B in total revenue, down only $600 million from previous estimates.
He also set his target price for AAPL at US$180, down from $190, but maintains an Outperform rating. He doesnit believe AAPL will go below $120.00.
The adjustments are minor and reflect the feeling that the economy in general will merely slow the rate of Appleis growth.
In morning trading, AAPL was on a steady rise with investor confidence likely buoyed by Wednesdayis Presidential address and Congress nearing agreement on a Wall Street bailout plan. Currently AAPL is trading at US$132.02. + $3.32 for the day.