(MENAFN- ProactiveInvestors - Australia) From North America: Shares of Apple (NASDAQ:AAPL) slumped 12.4% to $450.50 overnight as the company issued a disappointing revenue forecast, and said it sold just under 48 million units of the smartphone - still a record, but at the low end of Wall Street estimates. The company earned $13.81 per share for its fiscal first quarter, above Street estimates of $13.47, but revenues fell short.
Its stock is $63 below its closing price yesterday, and well-over 50% below its all-time high of $700 when it launched the iPhone 5 in September.
At least 30 analysts lowered their price targets for the iPhone maker after its quarterly report, with the average reduction totaling about 15%, according to data from Thomson Reuters.
UBS' Steve Milunovich cut his price target to $600 a share from a previous $650, while keeping his buy rating intact. The stock has a big impact on markets, as it makes up 10% of the Nasdaq Composite and 3.6% of the S&P 500.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.