Apple Losing Its Luster on Wall Street

Last September when Apple’s iPhone 5 took the market by storm, instantly becoming the hottest smartphone of the fall season, investor optimism drove shares of Apple to record highs north of $700 per share.

But that was then and this is now.

As concern about the “fiscal cliff” consumes Wall Street, the tech sector isn’t impervious to the dreaded impact. Compounded by other factors weighing on the industry at large and Apple in particular, Wall Street optimism in AAPL is dropping… and fast.

On Friday, a new survey of market analysts and Apple watchers was published, clearly showing that the average forecast for AAPL has diminished in recent weeks.

Eleven analysts lowered their Apple targets in the final weeks of the company’s first fiscal quarter of 2013, which ends Saturday.

On the bright side, $740 isn’t such a bad thing. Not only is it $$225 higher than today’s price, it would mean that Apple is still on pace to see new all-time highs.

And if that happens, you can bet on subsequent forecasts rising just as quickly as they have fallen.

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