Apple Inc.'s downtrend is showing few signs of letting up.
Shares are down more than 2% in the final trading hour, touching their lowest level since January 2012, as worries continue to mount about the company’s growth rate.
Early Friday morning Credit Suisse lowered its forecast for 2013 iPhone shipments by 11% to 158 million, citing growing competition in the smartphone market. The reduced view on iPhone shipments also prompted it to lower its earnings forecasts for the company, although the firm reiterated its outperform rating on the stock.
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“We believe this is more of a reset instead of secular pressure on the business, and remain of the view that product refresh in the second half of fiscal 2013 will return Apple to its growing ways,” Credit Suisse analysts wrote to clients.
Shares fell to as low as $430.77. The stock is down about 40% since hitting record highs above $700 in September.�Our friends at Barron’s�laid out the bull and bear case for the shares.
The stock’s decline over the past several months has drawn plenty of attention. CEO Tim Cook addressed the tumble earlier this week in the company’s shareholder meeting. “I don’t like it either,” he said. “Neither does the board or management�but we’re focused on the long term.”
What’s clear now, however, is the market’s run to all-time highs has taken place over the last several months without Apple participating. The Dow is about 70 points away from that watershed mark, while the S&P 500 is a bit further away. It would be a lot closer if Apple shares would start cooperating.
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