Apple slips as Monness, Crespi, Hardt cuts estimates, citing 'towering inferno' economy
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Apple (NASDAQ:AAPL) slipped on Monday as investment firm Monness, Crespi, Hardt lowered its price target on the tech giant, noting the current economic environment is like a "towering inferno" and there will be a lot of "extraordinary forces" needed to avoid further destruction.
Analyst Brian White lowered his price target to $174 from $199, but still kept the firm's buy rating, noting that Apple (AAPL) had a "powerful tailwind" during the pandemic, getting a boost of "unprecedented demand for Macs and iPads" and consumers purchased more of its goods and services. 
White lowered his third-quarter estimates, with revenue going to $85.88B, down from $89.3B and earnings per share going to $1.24 from $1.32. He also lowered his full-year estimates, moving revenue to $397.52B from $408.6B and earnings per share to $6.20 from $6.44.
"With the reopening of the economy, the reversal of these forces was expected and contemplated in our model, along with the negative impact of supply chain challenges," White wrote in a note to clients. The analyst added that "other sinister headwinds" have come to light in recent weeks, including the downturn in the economy, rising inflation and a "precarious geopolitical environment."
Apple (AAPL) shares slipped more than 2% to $143.95 in early trading.
In addition, White noted that consumers may be more wary about spending in this environment, which could hurt demand for Apple's (AAPL) latest iPhone, set to be unveiled in the fall. 
"In the end, we expect this economic blaze will curtail Appleâs growth; however, the magnitude of this downturn will dictate the severity of its impact on the company," White explained.
Apple (AAPL) recently lowered the trade-in values for select iPhones, iPads, Macs and Apple Watch versions, as the tech giant gets ready for a product refresh later this year.