Reuters: Technology News: Apple shares open down 3.9 percent, UBS cuts price target

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Apple shares open down 3.9 percent, UBS cuts price target Dec 14th 2012, 14:38 Tweet Share this Email Print Related News iPhone 5 hits China, as Apple market share slips 5:35am EST As global consumers shop mobile, Apple outshines rivals Wed, Dec 12 2012 Apple's shares swallow biggest loss in four years Wed, Dec 5 2012 Dow, S&P rise, but Nasdaq sours with Apple in wild day Wed, Dec 5 2012 Analysis & Opinion Other banks may take most of the UBS Libor pain Counterparties: Return of the Mac Related Topics Investing Simplified » Tech » Hot Stocks » Asian Markets » An Apple logo is seen at the Apple Worldwide Developers Conference 2012 in San Francisco, California June 11, 2012. Credit: Reuters/Stephen Lam Fri Dec 14, 2012 9:38am EST (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) Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

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