After creating history by becoming the most valuable company in the United States and hitting new highs every day, the Apple Inc.(NASDAQ:AAPL) stock appears to be in correction mode now.
On September 21, when the iPhone 5 was released for sale, shares in Apple soared to $705.07. Since then the stock has depreciated nearly 10 percent and is more than 4 percent below its 50-day moving average of $658 though there have been regular reports of the impending launch of the iPad Mini to take on the Google Nexus and Amazon Kindle Fire.
There have been some analysts recently who have downgraded the stock on the grounds that the company's growth momentum is slowing and it would be unable to sustain its pace of growth in the near term.
While many analysts feel that the iPad Mini will be a real killer when it comes, the stock performance so far does not seem to reflect that thought.
Analysts at Nomura initiated coverage of Apple on Tuesday with a "neutral" rating and $710 price target. OptionMonster.com co-founder Jon Najarian's price target for the end of 2013 is $800.
There are widely c=varying opinions about the future growth trajectory of Apple and whether its products would continue to disappoint consumers like the iPhone5, though it is selling in record numbers.
Shares of AAPL are now down 0.24% to $636.50, well off session low of $623.55. The stock is expected to have supports at $618 and $600. In fact, it’s not the right time to jump into the stock. So Wait and Watch before taking any position.