UBS analysts Steven Milunovich cut his price target for Apple from $780 to $700 today, and that has the stock reeling. It was down to $512 the last I checked, a loss of 3.3% on the day. I have great respect for Milunovich as an analyst and followed him during the tech bubble days when he was at Merrill. He's not an industry shill. The rationale for the cut comes from his supply chain check where his sources tell him that the iPhone 5 is not going to sell as well as the iPhone 4S and he has had to cut his Q1-Q3 2013 iPhone sales estimates.
Jeffries also cut Apple's price target from $900 to $800 because of slowing growth. He says iPhone sales in developed markets will slow as the saturation point has been hit and therefore Apple needs to ramp up in emerging markets where there is more grow...
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Edward Harrison is the founder of Credit Writedowns and a former career diplomat, investment banker and technology executive with over twenty five years of business experience. He has also been a regular economic and financial commentator in print and on television for the past decade. He speaks six languages and reads another five, skills he uses to provide a more global perspective. Edward holds an MBA in Finance from Columbia University and a BA in Economics from Dartmouth College.