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Citi Cuts Estimates on Apple, Price Target Cut to $170

in News on September 30, 2008 at 10:37 am PT

In the latest in a string of analysts getting spooked about slowing consumer spending, Citigroup (C) analyst Richard Gardner this morning cut his estimates for Apple (AAPL) for this year, 2009, and 2010, and lowered his target price to $170 from $287. The reasons are familiar: an expected decline in disposable consumer income growth will pressure computer and consumer electronics sales.