Since reaching their all-time high in November, Apple shares are down 8%, closing today at $189.87. Why?
Good question. Maybe investors are nervous that Google Android is catching up to the iPhone. Maybe they’re just taking profits. Maybe the iPhone’s modest success so far in China is making people nervous, as rival Research In Motion inks a deal there.
In a note today, Piper Jaffray analyst Gene Munster attributes the recent drop to “the cumulative effect of several seasonal and industry wide market forces at work,” adding, “we remain confident that the Dec. quarter will provide enough upside, driven by Mac, to give investors confidence that the fundamentals are intact.”
And while Apple shares may “lag” through March, Munster thinks his $277 price target is “achievable” within a year.
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