Apple Inc. suffered another blow on Thursday in regards to quarterly iPhone estimates after Credit Suisse cut its estimate on shipments for at least the second time. Since December, analyst Kulbinder Garcha has been calling for a "subdued iPhone 6s cycle" through the next few quarters. He now expects March-quarter iPhone shipments of 48 million, down from 55 million previously, and calendar-year 2016 shipments of 207.2 million, versus an earlier 222 million. The analyst also lowered estimates on earnings per share by 2% to $9.22 for the year, which he attributed to items such as the iPhone 6s cycle and currency headwinds that are affecting gross margin. However, he reiterated an outperform rating and $140 12-month price target on the stock, which implies 45% upside. Shares of Apple rose 0.6% to $97.35 in premarket trade. They have fallen 15% over the last three months, versus an 8% decline for the Dow Jones Industrial Average. The company is due to report its next quarter earnings after the market close on Tuesday.
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