Investment bank Morgan Stanley on Thursday cut its price target on Apple (AAPL) stock, bringing up yet more concerns about slowing iPhone X sales.

Morgan Stanley analyst Katy Huberty reduced her price target on Apple to 200 from 205, but maintained her overweight rating on the stock.

X Apple’s faster-than-expected production ramp of the iPhone X, following earlier snags, could lead to the company beating consensus numbers for the December quarter when it posts its fiscal first quarter results on Feb. 1, Huberty said.

“We agree with the market view of a December-quarter earnings beat,” Huberty said in a note to clients. “Apple produced as much as 6 million to 7 million more iPhone X units than we originally modeled.”

Apple shares were down 0.6%, near 173.10, in morning trading on the stock market today. Apple hit a record high of 180.10 on Jan. 18 before Wall Street analysts started weighing in with worries about declining demand for the company’s flagship smartphone.

IBD’S TAKE: Apple stock has an IBD Composite Rating of 86 out of a best-possible 99. For more analysis on Apple, visit the IBD Stock Checkup.

In the last two weeks, Apple has been the subject of at least two analyst downgrades and one price-target cut.

For her part, Huberty now expects December-quarter iPhone shipments of 80 million units, vs. her prior view of 76 million. She sees the iPhone average selling price hitting $819 in the quarter, thanks to more premium-priced iPhone X units.

Huberty now believes Apple will earn $4.12 a share on sales of $92.2 billion, up from her earlier forecast of $3.79 and $86.3 billion. On average, analysts are modeling Apple to earn $3.80 a share on sales of $86.75 billion.

Huberty said she disagrees with the prevailing Wall Street view that Apple will guide estimates lower for the March quarter.


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