UBS analysts Steven Milunovich cut his price target for Apple from $780 to $700 today, and that has the stock reeling. It was down to $512 the last I checked, a loss of 3.3% on the day. I have great respect for Milunovich as an analyst and followed him during the tech bubble days when he was at Merrill. He’s not an industry shill. The rationale for the cut comes from his supply chain check where his sources tell him that the iPhone 5 is not going to sell as well as the iPhone 4S and he has had to cut his Q1-Q3 2013 iPhone sales estimates.
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