Citi cut its Apple price target by $15

But analyst Jim Suva is still telling his clients to buy.

TheFly had the note two days ago: 

Citi analyst Jim Suva lowered his price target for Apple to $205 from $220 while maintaining a Buy rating on the shares. The analyst “proactively” cut his iPhone unit sale estimates as he believes the U.S./China trade situation will result in a slowdown of iPhone demand in China as China residents shift their purchasing preference to Chinese brands. Suva’s independent due diligence “now shows a less favorable brand image for iPhone.” Apple has 12% unit share in China and these unit shipments could be cut in half, the analyst tells investors in a research note. Nonetheless, Suva finds Apple shares attractive despite “materially” lowering his estimates

Maintains buy rating, cuts price target to $205 from $220. 

My take: Pulling in their horns is what Apple analysts do after Apple takes a beating. Look for more cuts to come.

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