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Apple to guide Q3 well below consensus, says Citigroup

Citigroup expects Apple to report Q2 results tomorrow at the low-end of the company's guidance range and issue an outlook for Q3 that is well below consensus. Citi believes the iPhone 5S launch could be further delayed by up to two months, to possibly August or September, which it believes creates risk to consensus estimates. The firm says it remains in the minority by not recommending Apple shares, and keeps a Hold rating on the stock with a $480 price target.