Investment bank Goldman Sachs cut its price target on Apple Thursday to reflect lower growth expectations for the smartphone industry.
This follows a recent reduction of the bank's global smartphone unit growth forecast for 2016 to 5 percent from 6 percent, and to 4 percent from 7 percent for next year.
The bank has trimmed its price target to $124 from $136, maintaining a "buy" rating. The technology giant's stock finished at $98.46 on Thursday evening. Goldman also trimmed predicted iPhone unit sales to 211 million from 212 million for the whole of 2016.
"We also fine-tune our iPhone forecasts by introducing a detailed regional build, updating our installed base model, and adding an inventory overlay. Even with these assumptions, which we view as conservative, our model implies upside to consensus estimates, and we maintain our 'buy' rating," the investment bank said in a research note released on Thursday morning