Thursday, March 7, 2013

Apple slumps as Citi cuts estimates, target

SAN FRANCISCO (MarketWatch) -- Apple Inc. /quotes/zigman/68270/quotes/nls/aapl AAPL -0.44% saw its shares slump nearly 1% to $427.25 in early trades on Wednesday after Citigroup cut its estimates and price target on the company, citing its belief that iPhone and iPad sales are slowing. In a note to clients, Citi's analysts said "indications of reduced demand to Apple's suppliers contribute to our existing concerns that end-demand for 10" iPad and iPhone 5 in particular is softening, reflecting share loss by Apple in both the tablet market and the smartphone market." The firm lowered its estimates for Apple's March and June quarters, and cut its price target on the stock to $480 from $500. It left its rating on the shares as neutral.

/quotes/zigman/68270/quotes/nls/aapl

US : U.S.: Nasdaq

Volume: 7.34M

March 6, 2013 11:19a

Market Cap

$404.87 billion

Source: http://feeds.marketwatch.com/~r/marketwatch/marketpulse/~3/-l5P2CKFXkw/story.aspx

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