Pacific Crest cut its price target for Apple Inc. stock to $127 from $132 on Monday, saying its supply and demand checks suggest second-quarter sales volume will come in at the low end of the iPhone maker’s guidance. “Demand appears stable but soft, which prompts more cautious estimates,” analysts wrote in a note. Pacific Crest cut its second fiscal quarter estimates for iPhone unit sales to 47.5 million from 49.0 million, “which drives our FQ2 revenue estimate to $50.0 billion from $51.3 billion and our F2016 EPS estimate to $8.73 from $8.89.” Analysts said they expect the iPhone 7 cycle to be supported by replacement dynamics, which should drive mid-teens unit growth and bolster EPS. Apple shares were slightly lower in premarket trade, and are down 2% in the year so far, while the Dow Jones Industrial Average is down 2.4%.
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