Apple slips as Loop Capital lowers PT, says iPhone cut could put June quarter 'at risk'
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Apple (NASDAQ:AAPL) shares slipped on Wednesday as investment firm Loop Capital cut its price target and said Wall Street's estimates for iPhones shipped in the June quarter may be too high.
Analyst Ananda Baruah lowered the per-share price target on Apple (AAPL) to $180 from $210, noting that Wall Street's iPhone estimates for the upcoming quarter could be anywhere between 4 million and 6 million higher than what the tech giant is likely to ship.
"While we see risk to June [quarter] iPhone revenue, our work suggests Street remains low on iPhone revenue for the September and December Qâs given [average selling prices]," Baruah wrote in a note to clients.
Apple (AAPL) shares fell nearly 1% to $139.15 in premarket trading.
Baruah added that analysts' estimates are "materially low" on the average selling price for the iPhone in the next three quarters and while this is not enough to help make up for a shortfall in the coming quarter, it is looking ahead.
In April, Apple (AAPL) Chief Financial Officer Luca Maestri warned that June revenue would likely be impacted by $4 billion to $8 billion, due to COVID-related supply constraints and the continued chip shortage. 
In addition, Loop Capital's Baruah noted that Apple (AAPL) has continued to increase storage capacity for its iPhones, which helps support the average selling price, as the tech giant charges $50 for an increase of 64GB in memory.
The popularity of the Pro model has also helped boost average selling prices, the analyst noted.
Cupertino, California-based Apple (AAPL) recently showed off its mixed-reality headset to its board of directors, suggesting that the device's development is at an "advanced stage."