Piper trims Apple target on supplier cuts

Dec. 13, 2018 9:25 AM ETApple Inc. (AAPL)AAPLBy: Brandy Betz, SA News Editor63 Comments

Piper Jaffray cuts its Apple (NASDAQ:AAPL) price target from $250 to $222 saying that recent supplier guidance cuts suggest "global unit uptake has not met expectations."
Analyst Michael Olson notes that the firm's domestic iPhone user survey hasn't shown unit weakness and the global weakness is largely priced in. Olson expects 2019E EPS will reach $13.45.
Piper expects 39% of iPhones sold this year to be the XS and XS Max while 30% will be the XR.