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Apple ( AAPL ) iPhone owners aren’t upgrading to new handsets as quickly as they have in the past, a situation that is limiting upside for Apple stock. BTIG analyst Walter Piecyk on Thursday lowered his price target on Apple stock to 130 from 141 but maintained his buy rating. Apple stock was down nearly 1.5%, near 109.50, in midday trading on the stock market today . Piecyk cut his estimates for Apple iPhone sales in fiscal 2016 and 2017 based on “a more conservative outlook for the upgrade cycle of existing users.” He also reduced his revenue expectations for the Apple Watch, given the recent price cuts to the device. He does not expect higher volumes to offset Apple Watch price cuts. “We have broader concerns that there is a structural change underway in the pace of (iPhone) upgrades,” Piecyk said in a report. “It will take a few quarters and the launch of the next iPhone to confirm if end users are, in fact, holding onto their phones longer.” Apple also is facing a resurgent Samsung, which is seeing brisk sales of its new flagship Galaxy S7 smartphones , he said. Apple’s latest smartphone, the low-cost 4-inch iPhone SE, is seeing stock-outs and shipping delays, signs of strong demand, AppleInsider reported Wednesday. The iPhone SE, which starts at $399, went on sale March 31. Image provided by Shutterstock . Scalper1 News
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