“Apple has been slumping,” Roben Farzad reports for Bloomberg. “In September, the stock hit an all-time high of $705. On Monday morning, it briefly traded below $500 in pre-market trading. (As of 11 a.m. ET, it was back up around $507.)”

“At least one analyst predicts it has much further to fall,” Farzad reports. “Since January, Edward Zabitsky of Toronto-based ACI Research has been arguing that Apple (AAPL) is headed to $270 a share.”

MacDailyNews Take: Since last January? He’s got about a month for AAPL to shed some $260.

Farzad reports, “He now sees the stock reaching that level in 12 months.”

MacDailyNews Take: What’s this, the rolling 12-month $270 price target?

Farzad reports, “Zabitsky says his bear case for Apple comes down to increased competition; the diminishing appeal of its closed-architecture App Store experience; and questions about management and Apple’s ability to innovate more than a year after the death of founder Steve Jobs.”

Read more in the full article here.

MacDailyNews Take: Hey, Crazy Eddie, what’s “ACI” stand for, Acute Cerebral Infarction?

Hit an AAPL price target without moving the goal posts for a change, you tiresome moron.

Related articles:
Analyst reiterates: Price competition makes Apple stock a ‘sell’ with $270 price target – April 20, 2012
Canadian analyst maintains ‘sell’ recommendation on Apple with $270 price target – April 9, 2012
Analyst maintains ‘sell short’ rating and $270 price target on Apple Inc. – January 25, 2012
Analyst slaps $126 price target on Apple – May 7, 2010