Brian White, Topeka Capital Markets analyst, has reiterated “a Buy rating and cuts his price target to $888 from $1,111,” Tiernan Ray reports for Barron’s.

In a note to clients, White wrote:

The stock is trading at less than 6x (ex-cash) our CY14 EPS estimate and we believe there is quite a bit of bad news priced into the stock at current levels, while estimate resets lower the bar for the future. At the same time, we believe the profit and sales cycle will reach the bottom in 2QFY13… For 2QFY13, Apple expects revenue of $41 billion to $43 billion (Street is at $45.38 billion) and inline with our $41.9 billion projection. Given our expectation of a shorter launch cycle for the iPhone and iPad, we recently adjusted the seasonality in our model and particularly for the March quarter, which jibes with the outlook that Apple provided last night. As such, we are maintaining our 2QFY13 revenue estimate at $41.9 billion, while adjusting our EPS projection to $10.00 from $10.37 (Street is at $11.67). For FY13, we are slightly increasing our revenue estimate to $192.1 billion from $191.9 billion, while trimming our EPS projection to $47.73 from $49.04.

Tons more AAPL analysts’ price target and rating changes in the full article here.

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