“Citi Research downgraded Apple’s stock late on Sunday to ‘neutral’ from ‘buy’ and lowered Apple’s price target to $575 from $675, citing diminishing hype around the iPhone 5 and improving competition in smartphones,” Sakthi Prasad and Melanie Lee report for Reuters.

“Apple’s latest iPhone made its global debut with a launch in the United States and 30 other countries in September, selling more than 5 million in its first three days on the market,” Prasad and Lee report. “Apple Inc said it sold more than 2 million of its new iPhone 5 in China during the three days after its launch there on Friday, marking China’s best-selling iPhone rollout ever.”

Prasad and Lee report, “‘Customer response to iPhone 5 in China has been incredible, setting a new record with the best first weekend sales ever in China,’ Apple Chief Executive Tim Cook said in a statement.”

Read more in the full article here.

MacDailyNews Take: Uh, Citi, you’re hallucinating — or something.

We bet Citi will be among the first to feign their shock and awe over Apple’s quarterly results release next month.

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