Weaker-than-expected holiday sales drive down price of Apple shares
By Economic Times Mumbai, Jan. 24, 2012 – Weaker-than-expected holiday sales of Apple Inc.’s iPhone reinforced fears that it is losing its dominance in smartphones, driving its shares down 9 percent in pre-market trading and drawing another round of stock price target cuts. Fourteen brokerages including Barclays Capital, Mizuho Securities USA, Credit Suisse, Deutsche Bank, Raymond James, Robert W. Baird & Co and Canaccord Genuity cut their price target on the stock by $142 on average to $599. Apple’s shares closed at $514 Wednesday on the Nasdaq. Jefferies & Co cut its rating on Apple’s stock to “hold” from...
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