Apple is one of Wall Street's most beloved stocks, with 50 of 58 analysts rating the stock "buy," and only one rating it a "sell." So it's noteworthy anytime an analyst lowers their rating and it's really noteworthy when an analyst cuts their price target, citing concerns about decelerating growth.
Noted Apple bull Peter Misek of Jefferies has cut his price target on the Cupertino, Calif.-based firm, pointing to worries that Apple's growth will slow, as well as potential negative margin leverage. Misek lowered his price target to $800 from $900.
Though he did not lower first-quarter estimates, Misek believes Apple's growth will start to slow down in 2014, as the markets become saturated with its products. He believes Apple will launch the iPhone 5S in June or July, compared to the September and October launches for the iPhone 5, and iPhone 4S, respectively.
"Based on our checks, likely updates include a new super HD camera/screen, a better battery, and NFC. Possible updates include an IGZO screen for Retina, 128GB storage, and coming in six to eight colors," Misek wrote in his note.