Apple sales expected to slow until next iPhone out

Slower September forecast for Apple

Apple Inc. may not release the next model of its iPhone until late September or October, which would lead to slower September sales, Oppenheimer & Co. analyst Ittai Kidron said as he cut his price target on the company.

Kidron, who maintained his “outperform” rating on Apple, reduced his 12-to-18-month target on the stock to $420 from $450 and his expectations for iPhone sales in the quarter ending in September to 19 million units from 20.5 million units.

Kidron also wrote that a less expensive “mini-iPhone” is critical to Apple expanding its smart-phone market share.

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