Investment bank Goldman Sachs cut its price target on Apple Thursday to reflect lower growth expectations for the smartphone industry.
This follows a recent reduction of the bank's global smartphone unit growth forecast for 2016 to 5 percent from 6 percent, and to 4 percent from 7 percent for next year.
The bank has trimmed its price target to $124 from $136, maintaining a "buy" rating. The technology giant's stock finished at $98.46 on Thursday evening. Goldman also trimmed predicted iPhone unit sales to 211 million from 212 million for the whole of 2016.
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