Morgan Stanley analyst Kathryn Huberty says that for Apple (AAPL), she is revising her fiscal year 2009 [September] EPS growth forecast to 6% [9% below consensus]. She notes PC unit growth is decelerating and the remaining source of growth is increasingly in the sub-$1,000 market where AAPL does not play.

Huberty says even in the best of scenarios, Apple's EPS growth will decelerate meaningfully from the third quarter. She notes tough comps and investments in iPhone growth drive her first quarter EPS estimate to decline of 8% year-over-year [down from +29% in the third quarter].

She believes multiples for high growth stocks will continue to compress in the current environment and in context of her fiscal year 2009 EPS growth estimate, she doesn't think AAPL is immune to the trend.

She keeps her $5.15 fiscal year 2008 EPS estimate, but cuts $5.91 fiscal year 2009 forecast to $5.47. She slashed her $178 price target to $115.

BAIRD DOWNGRADES THOR INDUSTRIES, OTHER RV COMPANIES

Baird analyst Craig Kennison says he expects the RV sector to underperform as fundamentals deteriorate. He believes recent strength in the group is driven by falling oil prices and early investment in cyclicals.

Kennison thinks it is too early to invest in a cyclical recovery, given his pessimistic near-term outlook. He notes recent checks suggest fundamentals remain dreadful, including weak demand, falling dealers/manufacturers, tighter credit, and no appetite for inventory. He sees downside risk to his estimates and would look to exit on recent stock price strength.

He downgrades Thor Industries (THO) and Winnebago Industries (WGO) to underperform from neutral, and Monaco Coach (MNC) to neutral from outperform. He has a $20 target price for THO, $12 for WGO, and $5 for MNC.