Goldman Sachs trimmed its share price estimates on Apple Inc. Thursday to factor in lower growth expectations for smartphones and tweak its iPhone expectations with a detailed regional focus. Analysts led by Simona Jankowski cut the price target to $124 from $136. Goldman recently lowered its smartphone unit growth forecast for 2016/17 to 5%/4% from $6%/7%. The bank also lowered its fiscal 2016 earnings per share forecast to $8.39 from $8.40, but kept it above the $8.29 consensus, based on 211 million iPhone unit sales versus 212 million. "Our reductions are driven by lower market growth, as well as lower ASPs on a greater shift from developed to emerging markets, which we expect will drive a higher mix of the lower-priced iPhone SE (and its successors) relative to the higher-priced iPhone 7 (and its successors)," said the note. Apple shares were down 0.5% in premarket trade, and are down 6.5% in the year so far, while the Dow Jones Industrial Average has gained 2.5%.
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