Pacific Crest analyst Andy Hargreaves says Apple's gross profit dollars per unit 'has likely peaked', reports Forbes.
From 2007 until Q2 2012, he notes, iPhone unit growth and margin expansion drove Apple’s gross profit per unit to $290 from less than $150. He notes that the increase in gross profit per device has driven about a third of Apple’s total gross profit growth over that time period. But he adds that in Q3, gross profit per unit fell for the first time since the iPhone was introduced – and he says the total is likely to decline further through the end of fiscal 2013.
Hargreaves lowered his price target on AAPL to $645 from $670.