In a note to clients — as reported by “Forbes” (http://macte.ch/QT06j) — UBS analyst Steve Milunovich has trimmed his estimates and price targets for Apple from US$780 to $700.
His decision was based on:
° Supply chain checks indicate the iPhone build rate is falling to 25 million units for the March quarter; Milunovich models 40 million total iPhone shipments for the quarter.).
° “Some of our Chinese sources do not expect the iPhone 5 to do as well as the iPhone 4S.”
° The iPad mini may be cannibalizing the larger iPad.
