Will Apple shares keep falling in 2013?
Posted on January 03, 2013 at 22:09 PM EST
Will Apple shares keep falling in 2013? The company's hit parade of new products like the iPhone and iPad led to record-breaking quarterly profits and expectations that Apple could become the first U.S. corporation with a $1 trillion market value. Mike Walkley, an analyst with Canaccord Genuity, covers 23 technology companies and says clients often want to hear about only two - Apple and Qualcomm, which makes iPhone chips. Because if I don't get Apple right," he says, "I probably won't get the rest of large-cap tech right. Analysts who make provocative calls on Apple often find themselves the subject of media attention - all the more so now that Wall Street is split on whether the company will resume its upward path or lose the competition with Google's Android. Viewers of Fox Business Network heard an upbeat anchor introduce a segment this way on Oct. 25: Brian White, senior analyst for Topeka Capital Markets, has an astounding price target. Since September, Apple's decline has been so precipitous that it, too, has confounded the professionals. Apple entered the entertainment business in 2003 with the iTunes Store; then it became a handset manufacturer with the 2007 launch of the iPhone. Customers are hoping design guru Jony Ive will create a next-generation television, but analysts are skeptical that the category is big enough to make a meaningful contribution to the company's bottom line.
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