Dec 14 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