nerdhook

Gene Munster, of Piper Jaffray, has finally come down from his lofty $235 share target to a more reasonable $180.

In a posting by Jim Goldman, Munster claims this adjustment (and the EPS change from $7.73 to $5.46) is due to iPhone refresh happening later in 2009 than he anticipated:

“We think they’re going to a June refresh cycle on the iPhone, like they do with the September refresh for iPod.”

For as long as Munster has been covering AAPL, I would have thought the June refresh cycle would be fairly obvious by this point, and I’m surprised he thought they would be refreshing the device any time sooner than June.

Whatever the case may be, he could not realistically keep his target at $235 and needed to provide some explanation for making the change. I can’t think of a single AAPL shareholder who wouldn’t be happy with $180 right now.