Apple (AAPL) has its price target cut to $405 from $420 by Jefferies' Peter Misek who says elevated inventory levels indicate the company may cut H2 iPhone builds as it preps the potential release of the iPhone 5S this fall and the iPhone 6 in 2014. Misek sees iPhone builds in FQ3 of 25-30M from 40-45M previously. "Memory module makers have recently been reallocating orders in Q3 away from Apple and toward emerging market players." Shares -1.3% premarket.
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