Evercore Partners is cutting its price target on Apple to $775, down from $800.
While it sounds bearish, analyst Rob Cihra says he's still "overweight" the stock.
Cihra doesn't lay out a specific reason for the price cut. He's trimming his fiscal year 2013 EPS outlook by $4 to $50.33 because of Apple's margin pressure. He also cut his iPad estimate to 24 million from 26 million for the December quarter. But he's maintaining his overall revenue forecasts.
Basically, this note is a perfect embodiment of where Apple stands right now.
It's no longer the earnings juggernaut it once was. It's not going to destroy earnings expectations by a wide margin over and over. At the same time, it's not like it's a bad company. It's making over $8 billion per quarter.
It's just in this weird in-between state and analysts and investors are trying to figure it all out. Therefore, you get a bearish note that's also somewhat bullish.
