By Philip Elmer-DeWitt
December 18, 2012

FORTUNE — Some did it based on what they perceived as signs of weak iPhone 5 sales. Others took the opportunity to bring theirs closer to the company’s ravaged stock price. At least one believes Apple’s (AAPL) best days are over, and that investors are best advised to borrow shares and sell them short.

Whatever the reason, at least eight Apple analysts have lowered their 2013 price targets in the past week. The Street’s high estimate (Brian White’s $1,100) and low (Ed Zabitsky’s $270) are unchanged, and Thomson/First Call’s mean estimate still sits above $754.

But the average target in our spreadsheet — below the fold, updated 12/20 — is down to $740. Corrections welcome.


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