“Apple Inc.’s (AAPL) 12-month price target was cut to $660 from $760 a share on Friday by Goldman Sachs,” Barbara Kollmeyer reports for MarketWatch.

“Apple shares suffered their worst day in four years on Thursday, sinking 12% to around $450 in the wake of disappointing results a day prior,” Kollmeyer reports. “‘Apple’s guidance was essentially what we expected from the typically conservative management team. The problem, and the key disappointment in the call, was that management made it pretty clear that it was moving towards providing more realistic guidance.’”

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Wall Street Pit reports, “Apple shares hit an all time high of $705.07 on September 21, valuing the iPhone-maker at $658 billion. Since then, Apple, whose current market cap stands at $423 billion, has lost about $225 billion, or 35%, of its in market value.”

WSP reports, “Goldman also cut its 2013-2015 revenue estimates by 2% to 6% and EPS estimates by 6% to 14%. The bank however, kept Apple on its conviction-buy list, on ‘optimism that new products in the coming months will invigorate new user growth.’”

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