Salient to Investors:

Citigroup, Pacific Crest Securities, Mizuho Securities USA, BMO Capital Markets and Canaccord Genuity have cut price targets for Apple since Dec. 16 over weak iPhone sales and concern for market saturation and the need for new breakthrough products to fend off rivals Google and Samsung.

Michael Obuchowski at North Shore Asset Mgmt said the latest iPhone and iPad mini are incremental improvements on previous devices, and there’s increased competition.

Glen Yeung at Citigroup said Apple’s Asian suppliers have been reporting cuts in orders, and reduced its rating to neutral from buy and its target to $575 from $675.

Andy Hargreaves at Pacific Crest Securities said the iPhone cut his target to $565 from $645, despite iPhone 5 being the best-selling high-end smart phone and likely gaining significant share. Hargreaves said market saturation, weak global demand and incremental innovation that has surpassed consumer demand are probably hurting iPhone sales.

BMO Capital Markets said Apple isn’t likely to team up with China Mobile until half2 2013.

UBS cut its target to $700 from $780 on concern that growth may slow for the iPhone and iPad.

Peter Misek at Jefferies said Apple component suppliers have been receiving order cuts, and cut his target to $800 from $900.

Brian White at Topeka Capital Markets maintained his target of $1,111 on prospects for iPhone growth in China. Maynard Um at Wells Fargo Securities said concerns about Apple are overblown.

Abhey Lamba at Mizuho cut his target to $600 from $750 because Apple is selling more lower-priced items instead of the newer, high-end models, and says there is a definite need for the next big thing.

Gene Munster at Piper Jaffray has a $1,000 target on hopes for a lower end iPhone for emerging markets.

Max Wolff at Greencrest Capital Mgmt said the $64,000 question is, do they have the next exciting two or three things up their sleeve? Wolff said a new product is necessary to propel long-term growth – not a television because Apple is unlikely to strike new licensing deals with media companies.

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