December 14, 2012 / 2:35 PM / 5 years ago

Apple shares open down 3.9 pct, UBS cuts price target

Dec 14 (Reuters) - 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)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below