“Shares of Apple Inc. dropped Monday after a pair of analysts reduced their share price targets for the iPod and computer maker, with one citing cuts in iPod production,” The Associated Press reports.
“Banc of America Securities analyst Scott D. Craig on Monday lowered his share price target to $160 from $180. In a note to investors, he cited data from Asia indicating that although production levels are solid for the company’s computers, they are being cut for iPods,” AP reports.
“Also Monday, RBC Capital Markets analyst Mike Abramsky kept his “Outperform” rating for the stock but lowered his price target to $175 from $200. In a client note, he wrote Apple’s multiple valuation has fallen due to economic and growth concerns,” AP reports.
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