SAN FRANCISCO (MarketWatch) -- Apple Inc. /quotes/zigman/68270/quotes/nls/aapl AAPL -0.44% saw its shares slump nearly 1% to $427.25 in early trades on Wednesday after Citigroup cut its estimates and price target on the company, citing its belief that iPhone and iPad sales are slowing. In a note to clients, Citi's analysts said "indications of reduced demand to Apple's suppliers contribute to our existing concerns that end-demand for 10" iPad and iPhone 5 in particular is softening, reflecting share loss by Apple in both the tablet market and the smartphone market." The firm lowered its estimates for Apple's March and June quarters, and cut its price target on the stock to $480 from $500. It left its rating on the shares as neutral.
/quotes/zigman/68270/quotes/nls/aapl
US : U.S.: Nasdaq
Volume: 7.34M
March 6, 2013 11:19a
Market Cap$404.87 billion
Source: http://feeds.marketwatch.com/~r/marketwatch/marketpulse/~3/-l5P2CKFXkw/story.aspx
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