Apple (AAPL) Downgraded on Foxconn Slowdown

Citing the oversea partner of Apple (NASDAQ:AAPL), Foxconn, JMP Securities downgraded the tech giant from "Market Outperform" to "Market Perform."

"The analysts see a deceleration at Apple's overseas partner Foxconn possibly resulting in less availability of the company's products, including the new iPad 2," said TheStreet.

"JMP analysts said that Foxconn's 'growth decelerated from 84% (year over year) in the month of December to 37% in January and then again to 26% in February, or levels that are tracking well below the (more than) 70% (year over year) sales growth consensus is looking for in the March quarter, and (greater than) 50% in June.'

"The firm cut its estimates for the second quarter to sales of $22 billion, down from a prior view of $23 billion. The Street is currently looking for $23.1 billion, while Apple has guided for $22 billion, but the company guides low like clockwork."

Apple was trading at $333.32, dropping $12.11, or 3.51 percent, as of 12:15 PM EDT.




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