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Apple (NASDAQ:AAPL): The company’s stock saw a drop after Citigroup (NYSE:C) decided to reduce its estimates and price target on the stock due to the firm’s belief that iPhone and iPad sales have been slowing. In a note to clients, Citi’s analysts stated ”indications of reduced demand to Apple’s suppliers contribute to our existing concerns that end-demand for 10-inch iPad and iPhone 5 in particular is softening, which shows a share loss by Apple in the tablet market and the smartphone market. The firm has reduced its estimates for Apple’s March and June quarters, and the firm keeps its Neutral rating but lowered its price target to $480 from $500 on the stock.
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