Apple slumps to its lowest since February 2012. The stock dropped more than 11% as Wall Street opened and is now down 10,2% to $461,9 a share, far from last year's record September at $705,07 per share. Blame the accounts released yesterday which disappointed the expectations of analysts, who took action today with a flurry of cuts on the target price. Citigroup reduced the target price on the stock to $500 from $575, confirming its neutral rating, UBS reduced its valuation to $600 while confirming its buy rating, Barclays reduced its target price to $675, as did Deutsche Bank, Sociéte Generale 560 dollars while Nomura has even dropped to 490.
Apple closed the first quarter 2012/2013 with 54,51 billion in revenues, an increase of 18% compared to 46,33 billion in the previous year. iPhone sales increased by 29% to 47,79 million units, iPads by 48% to 22,86 million. But net income recorded a slight drop to 13,08 billion from 13,06 in the same period of the previous year. Earnings per share were also down, falling to 13,81 dollars from 13,87. This is the first quarterly decline in earnings in nearly a decade (since 2003).
