“Most analysts have dramatically cut their AAPL target prices in response to what one of them described as ‘Apple’s darkest day’ in the iPhone era,” Ben Lovejoy reports for 9to5Mac. “Wedbush analyst Daniel Ives used the description. ‘The magnitude of the top-line miss (~8%) with China demand the culprit was jaw dropping in our opinion and will heavily weigh on shares accordingly. Although the company had some quarters over the past 20 years that missed Street expectations, in the modern iPhone era last night was clearly Apple’s darkest day in our opinion and represents a challenging growth period ahead for the company.'”

Wedbush lowered its target from $275 to $200 – and as Business Insider reports, it was far from alone.

• Goldman Sachs: from $182 to $140
• Citi: from $200 to $170
• BMO: from $213 to $153
• Bank of America Merrill Lynch: from $220 to $195
• Nomura: from $185 to $175
• Wells Fargo: from $210 to $160
• Morgan Stanley: from $236 to $211

Read more in the full article here.

MacDailyNews Take: $140 – $211: All over the map. It’ll take a bit longer for the shock to wear off and for the Wall Street lemmings to flock more closely together. Ah, the thrilling anticipation.

We are looking forward to more palatable iPhone prices from Apple, though!

SEE ALSO:
Advisor to President Trump: Apple’s sales should pick up when U.S.-China strike trade deal – January 3, 2019
Two things Tim Cook just did that make Apple look guilty today – January 3, 2019
CEO Cook issues memo to employees after Apple slashes revenue outlook for the first time in almost two decades – January 3, 2019
Apple’s earnings warning means CEO Tim Cook now has a major credibility problem – January 3, 2019
Loup Ventures: We continue to expect AAPL to outperform the rest of FAANG in 2019 – January 3, 2019
Open thread: Does Apple need new leadership? – January 2, 2019
CEO Tim Cook on why Apple lowered first-quarter revenue forecasts – January 2, 2019
Apple CEO Tim Cook issues public letter to investors, lowers guidance – January 2, 2019