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The analyst, who has forecast iPhone unit sales of 48 million in the December-ending quarter, trimmed his iPad sales estimate for the three-month period from 20.1 million to 18.4 million units. Supply chain constraints, which dominated the buzz around Apple all of November, were to blame. ?While lighter iPad units could frustrate investors, we believe the miss is explainable,? he wrote. ?In our view, it was a supply ? not demand ? issue.?
The analyst also cut his price target on the stock to $725 from $770, citing ?a reduction in valuation multiple ranges to reflect bruised investor sentiment,? but added that this may be a temporary requirement. He retained an Overweight rating on the stock and said Apple?s gross margins could recover faster than most expect. How so??
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