Goldman Sachs analyst Simona Jankowski is leaving her FY16 estimates for Apple (AAPL) largely unchanged but has lowered her estimates for FY17 and FY18 citing lower growth expectations for the smartphone industry as well as a lower view of Apple average selling prices, based on expectations for a greater shift from developed to emerging markets.
She lowered her price target on Apple shares to $124 from $136 but maintains a Buy rating on the stock, noting that her "conservative" assumptions still imply upside to consensus estimates.
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