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Apple Q1 likely at low end of guidance, says Jefferies

Jefferies says Apple will likely report Q1 results at the low end of its guidance while the consensus estimates for Q2 have substantial downside. After a trip to Asia, Jefferies believes the low-cost iPhone launch could be pushed to Q4 while the iPhone 6 will not launch until 2014. The firm keeps a Hold rating on Apple shares with a $420 price target.