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Watch Apple’s Price Targets Fall 10% Overnight

January 28, 2016, 2:39 PM UTC
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A man checks the Apple Music streaming site using his Apple Inc. iPhone 6s as he stands framed against a wall bearing the Apple logo in this arranged photograph in London, U.K., on Wednesday, Dec. 23, 2015. Beatles songs will now be available around the world on nine streaming services including Apple, Spotify, Deezer and Google Play, the bands record company, Vivendi SAs Universal Music Group, said Wednesday in a statement. Photographer: Chris Ratcliffe/Bloomberg via Getty Images
Photograph by Chris Ratcliffe — Bloomberg via Getty Images

I’ve never seen Apple analysts scramble quite so fast as they did Tuesday after the company issued its harsh guidance for the quarter that ends in March.

No sooner had CEO Tim Cook “ripped the Band-Aid off”—as one put it—than the analysts who follow the company began cutting their 12-month price targets—some of them for the second time in a week.

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I haven’t heard from every sell-side analyst. Drexel Hamilton’s Brian White (as of Oct. 1, 2015, still at a Street-high $200) is conspicuously absent.

But switching between the two views of the 23 targets shown below will give you a feel for what happened to the consensus view of Apple literally overnight.

For more on Apple, watch:

Sell-side targets tend to be trailing indicators. When the stock goes up, they follow suit. This time they moved—en masse—ahead of the stock. The average price target fell 10% on Wednesday. Apple (AAPL), meanwhile, fell 6.6%.