First Albany has cut its second-quarter and full-year estimates for Apple, but the firm doesn’t believe shares will decline further than they already have, according to CBS Marketwatch. “We believe the stock is washed out and think there is minimal downside risk given the company’s strong balance sheet.” Meanwhile, Credit Suisse First Boston cut its third-quarter estimate for Apple, noting that education sales may fail to materialize at the levels Apple is expecting. “U.S. state budgets have turned red and pose a particular problem for a companies dependent on a big back to school kick.” Additionally, A.G. Edwards cut its rating on Apple to “Hold”.