SMF Notes AAPL Apple iPhone unit estimates cut at (598.90 )

They lowered their iPhone build assumptions for June as they now believe legacy build of iPhone 4S will now be below 20M units, which is well below expectations. The firm cut these at the beginning of the quarter to 25M (street was at 35M) and now street expectations have come down to ~25M. But now Avian thinks builds will be much lower. Slowdown of legacy 4S into a 5 release has already been considered. While they cut their estimated units to reflect this, longer term they continue to believe leverage to AAPL (builds should snap back in Q3) and Samsung. Firm also cuts SWKS and TQNT expectations on iPhone builds.