NEW YORK (TheStreet) -- Shares of Apple (AAPL - Get Report) are down 0.65% to $92.81 in afternoon trading on Wednesday after the technology company's stock price target was cut to $115 from $120 at UBS as analysts slash projections due to weak iPhone sales.
Analysts maintained a "buy" rating on Apple, but cut their fiscal 2016 full year earnings estimates to $8.20 per share from $8.30 per share and reduced revenue projections to $214.7 billion from $216.5 billion, Barron's reports.
Sales of iPhones may get a boost in 2017 because of a new model, but sales growth is expected to be similar to the growth seen in 2015.
"We now expect iPhone unit growth of about 4% in F17 with upgrade growth offsetting a decline in new users," analysts explained, according to Barron's. "Strong sales in F15 stole from F16 but upgrades should hit in F17 or F18. Earnings only get back to the F15 level in our model, so new products may be required to excite investors beyond a trade."
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Separately, Apple has a "buy" rating and a letter grade of B at TheStreet Ratings because of the company's largely solid financial position with reasonable debt levels by most measures, notable return on equity and expanding profit margins.
You can view the full analysis from the report here: AAPL
TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this article's author.