Published on 2 Jun 2016
Shares of Apple are in the spotlight on Thursday following a downgrade from Goldman Sachs. Goldman is cutting its price target and profit estimates for 2016. Goldman says it is trimming Apple's estimates to reflect lower growth expectations for the smartphone industry. Analysts lowered iPhone unit forecasts to 211 million for this year, that's down from 212 million. For 2016, earnings estimates were revised downward by a penny to $8.39 a share, but that's still $0.10 a share above the consensus estimates. Goldman also cut profit expectations for 2017 and 2018. The firm lowered its price target for the shares for the year to $124 from $136. In the note, the analysts said the demand environment in China is the most significant new risk.