Boston
The Economic Times
Apple Inc shares tumbled 16 percent on Monday, their biggest drop in seven years, amid concerns the maker of Mac computers and other consumer electronics will suffer as the economy slows.
Two brokerages cut their price targets, earnings forecasts and stock recommendations on the company, which also makes iPod music players and iPhones.
"We worry that consensus estimates have not been revised down to reflect slowing global consumer demand and that a broadly positive investment bias ... limits upside to (Apple) shares over the next three to six months," said Morgan Stanley analyst Kathryn Huberty.
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