Loop Capital downgraded Apple to Hold from Buy, cutting the price target to $330 from $370, after reducing iPhone unit shipment estimates by 10% for September and December. The analyst cited supply-related reductions that no longer appear recoverable and rising memory costs pressuring gross margins. Apple shares, up 26% YTD and near a record close, fell 0.1% Tuesday. Other analysts also hold cautious views: KeyBanc (Underweight, $250), MoffettNathanson (Neutral, $283), UBS (Neutral, $296).
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