UPDATE: Hilliard Lyons Upgrades Apple to Buy, Lowers PT on FQ2'13 Revenues

In a report published Wednesday, Hilliard Lyons analyst Stephen Turner upgraded the rating on Apple (NASDAQ: AAPL) from Long-Term Buy to Buy, but lowered the price target from $680.00 to $540.00.

In the report, Turner noted, “Apple reported FQ2'13 revenue of $43.6 billion, a y/y increase of 11.3%. Revenue beat the consensus analyst estimate of $42.3 billion and slightly missed our target of $44 billion. Net income declined 18% y/y to $9.5 billion. EPS were roughly inline with expectations, declining to $10.09, beating the consensus view of $10.01, while missing our estimate of $10.39. Gross margins contracted as expected due to geographic/product mix.”

Apple closed on Wednesday at $405.46.