Apple’s Stock Falls after Citi Cuts Estimates Due to Brexit and Lengthening iPhone Replacement Cycle

Citigroup analyst Jim Suva has reduced his estimates on Apple’s earnings due to a multitude of factors including the Brexit leading to uncertainty in the market and increased iPhone replacement cycles. The reduced forecast from the analyst now pegs Apple’s revenue at US$ 41.2 billion on sales of 40.3 million iPhones.
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