UBS analyst Steven Milunovich lowered his FY16 Apple Watch sales estimate to 31M units from 40M after the firm's work indicated "lackluster interest" as measured by global search activity. Milunovich believes Apple "somewhat botched" the Watch introduction amid supply issues and by requiring appointments to view the device. Based on a lower Watch estimate, the analyst cut his FY16 earnings per share estimate for Apple to $10.36 from $10.52. Nonetheless, he keeps a Buy rating on the stock with a $150 price target. Apple closed yesterday down $3.49 to $125.15.
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