Goldman Cuts Apple Price Target: Goldman Sachs cut Apple’s (AAPL) price target $12, from $136 to $124, citing weakening smartphone unit growth this year. The firm reduced its smartphone growth estimate this year from 6% to 5% and from 7% to 4% for 2017. Interestingly enough, Goldman says other firms still have 2017 sales estimates too low and are not considering the impact of upgrades to the iPhone 7 based on demand from a recent consumer survey.
Survey Says: Our just-published Consumer Pulse survey shows similar trends. According to our survey, a large chunk of current iPhone users own the iPhone 6 or 6 Plus, with a surprising number still holding on to the 5S as well. Most purchase plans for these phones came with two-year upgrade cycles, and the release of the iPhone 7 is two years after the 6 was first released.
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