“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.
Apple sells over two million iPhone 5 units in first weekend in China – December 17, 2012
Apple stock falls as some misinterpret demand for iPhone 5 in China – December 14, 2012
Survey: 53% of smartphone buyers plan to buy an iPhone 5, only 35% plan to settle for Android – December 14, 2012
Despite frigid temps, Apple’s iPhone 5 launches to enthusiastic reception in South Korea – December 7, 2012
Top-selling iPhone 5 flanked by strong iPhone 4/4S sales – December 3, 2012
Apple: iPhone 5 arrives in South Korea and over 50 additional countries in December – December 3, 2012