OPPENHEIMER: Apple Is 'Treading Water'

Another morning, another analyst cuts Apple's price target. 

In a note titled, "Treading Water," Oppenheimer analyst Ittai Kidron cut Apple's price target to $460, down from $480. 

He's cutting his target based on weaker than expected iPhone sales coupled with a shift in the mix of iPhone units. 

"Our checks suggest continued solid iPhone 4/4S demand and mixed iPhone 5 demand," says Kidron. He's lowering the average price of an iPhone unit sold. And he's cutting his units by 1 million to 26 million for the quarter. 

He's also tweaking estimates for the September quarter, assuming that Apple doesn't release a new iPhone until the end of September. 

Yesterday, Jefferies slashed iPhone estimates, and the stock tanked. 

So far, pre-market, Apple's stock is hanging in. We'll see what changes during the day. 

Read more: http://www.businessinsider.com/apple-is-treading-water-says-oppenheimer-2013-6#ixzz2XEfjkHic