Apple May Be Slow, But This Price Target Cut Was Quick

Apple (NASDAQ:AAPL) has not had many good days in the recent few months, and it’s taking a toll on the company’s reputation. Canaccord Genuity’s T. Michael Walkley lowered the firm’s price target on the company’s stock from $650 to $600 on Wednesday, providing several reasons for the change.

The reasoning behind the reduced price target has to do with the predicted launch of the iPhone 5S. While analysts had previously expected it to be launched sometime in June, forecasts are now leaning more towards the summer or even the third quarter of the calendar year.

While the iPhone 5S is expected to be delayed, the number of high-end smartphones running Google’s (NASDAQ:GOOG) Android OS are expected to surge in the second quarter of the calendar year, which could further damage Apple’s market share for the first half of the year…