Apple is cutting its iPhone orders for the rest of the year, Jefferies analyst Peter Misek says in a new note, citing supply chain checks.
He says iPhone build plans for the July-September period are now 25-30 million units, down from 40-45 million. For the holiday quarter, he says Apple is planning to build 50-55 million iPhone units, down from an original build plan of 60-55 million units.
If this report is accurate, Apple's iPhone business will only grow 4.6% on a year-over-year basis during this year's holiday quarter. Continued sluggish growth will weigh on Apple's stock unless it has new products to get people excited.
Misek is cutting his price target to $405, down from $420 on these new iPhone build plans.
