Things aren't going like this anymore.
(Credit:
CBS)
Apple investors can't seem to shake their concern over the company's future.
Apple's share price today slipped below the $500 mark to a low of $488.27. Since then, Apple's shares have been rebounding a bit, and are now down 2 percent to $491.65.
On Sunday, the Wall Street Journal cited sources who said that Apple had cut component orders for its
iPhone 5 due to slumping demand for the handset. That bad news pushed Apple's shares lower yesterday as investors became concerned with the company's ability to compete as effectively in the mobile space.
Earlier today, however, several analysts tried to calm fears, saying that while Apple's component orders are down, iPhone 5 demand has stayed strong. The declining orders are believed to be the byproduct of improved yields, meaning production is becoming more efficient and actually improving Apple's iPhone margins.
Apple's stock has been hit with a downward trend over the last several months. In the last three months, Apple's shares are down 22 percent. The company's stock is also far off from its 52-week high of $705.07. Apple's 52-week low is $419.55 -- not a far cry from its current price.
The bearish view investors have taken on Apple's stock stands in stark contrast to analyst estimates. According to data from Marketwatch, which tallies the research from 54 analysts, Apple has an average target share price over the next 12 months of $735.
Earlier today, Sterne Agee analyst Shaw Wu reasserted his belief that Apple is a "buy," adding that he believes the company's shares could jump to $840 in the next 12 months. Baird analyst William Power believes Apple's shares could rise to $750.
Apple's shares fall to $488 as investors fail to shake worry
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Apple's shares fall to $488 as investors fail to shake worry
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Apple's shares fall to $488 as investors fail to shake worry
