Sterne Agee Cuts Apple Price Target and 4 Other Hot Stocks

Analyst Shaw Wu at Sterne Agee has cut the price target for Apple (NASDAQ:AAPL) from $715 to $630 based on checks within the company’s supply chain that reveal that the company is reducing build orders in advance of the soon-to-be-launched iPhone 5S and a low-cost iPhone. Accordingly, Wu believes that Apple will probably report the lower end of its guidance during the current quarter, which is a much more optimistic outlook than that of some other analysts who expect the company to fall short of its own guidance.