Analysts are waiting for Apple's 'Next Big Thing' as the company battles a sliding stock rate less than three months after hitting an all-time high.
Reaching US$707.07 in late September, the tech giant looked set to smash the $1,000 mark and become the first trillion dollar company on the planet, but instead hit a ten-month low by close of play last week.
Trading at below $400, industry experts believe the California based firm will struggle to halt the slide, changing their rating from Buy to Neutral in an address to city investors.
Cult of Mac reported that Canaccord Genuity analyst T. Michael Walkley blames “softer” than expected iPhone and iPad sales during the year, cutting his price target from $800 to $750.
“While our November channel checks indicated very strong sales of the iPhone 5, we are slightly lowering our F2013 and F2014 iPhone and iPad estimates due to softer sales expectations in international markets, primarily in Europe,” Walkley told the website.
“While order reductions to iPhone suppliers are not unusual this time of year, we believe reduced iPhone 5 orders for the March quarter could also indicate an earlier launch of new iPhone products in the June quarter.
"Despite our slightly lowered estimates, we believe Apple’s industry-leading software ecosystem and integrated hardware experience will result in a strong multi-year product cycle.”
The opinion follows news that the company has sold over two million of its new iPhone 5 in China, just three days after its launch on December 14.
The tech giant says the product will be available in over 100 countries by the end of December, making it the fastest iPhone rollout ever.
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