Sign in to comment!

Menu
Home

Markets

Apple shares open down 3.9 percent, UBS cuts price target

Apple Inc shares fell 3.9 percent following another price target cut on its stock, on a day when its iPhone 5 debuted in China to a cool reception.

UBS Investment Research cut its price target on Apple stock to $700 from $780, saying it expects lower iPhone and iPad shipments for the March quarter.

Apple launched the iPhone 5 in China on Friday, a move widely expected to bring Cupertino some respite from a recent slide in market share in China, but early reports indicated that demand may not be as great as expected.

"Some of our Chinese sources do not expect the iPhone 5 to do as well as the iPhone 4S," UBS analyst Steven Milunovich wrote in his note.

Apple shares fell as low as $509.11 in initial trading on the Nasdaq on Friday.

(Reporting by Himank Sharma in Bangalore; Editing by Supriya Kurane)