Apple (NASDAQ:AAPL): According to Jefferies, its global analysis of smartphone markets show that it is likely that profits for Apple’s iPhone peaked during 2012, causing the firm to think that most worldwide smartphone growth going forward will come at prices lower than $200 per phone, which indicates that a low-cost iPhone at $350 to $450 may not be cheap enough. Jefferies believes that htere is risk to 2014 earnings estimates for Apple, already 20 percent below consensus expectations. The firm keeps a Hold rating and a $420 price target on the shares. Goldman decided to reduce its rating on the U.S. Technology Hardware sector because of a more bearish view on PC trends. The analyst stated that end demand is weakening and data points indicate a more difficult near-term environment. The firm decided to reduce its 2013 PC forecast to 3.8 percent from .5 percent, and it removed Apple from its Conviction Buy list and downgraded Hewlett-Packard (NYSE:HPQ) to Sell from Neutral.