Needham (Buy) has lowered its PT to $595 from $710 (still 27% above current levels), citing "a more hostile competitive environment." The firm's FY13 and FY14 EPS estimates of $39 and $42 are slightly below consensus.
Fairly reliable KGI Securities reports the iPhone 5S' home button will be made of sapphire (an incremental positive for GTAT), and (to make room for its fingerprint sensor) will be convex instead of concave. The iPhone 5 features a sapphire camera lens cover.
Japanese blog Mac Otakara has joined the list of sites reporting the low-cost iPhone will be called the 5C, and that a gold color version of the 5S will be available.