Apple Not Immune To Economic Downturn

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Shares of Apple Inc. dropped Monday after a pair of analysts reduced their share price targets for the iPod and computer maker, with one citing cuts in iPod production.

Apple shares fell $3.29, or 2.6 percent, to close at $121.73 Monday. The stock is off about 40 percent from its 52-week high of $202.96 set in late December.

Bank of America Securities analyst Scott D. Craig on Monday lowered his share price target to $160 from $180. In a note to investors, he cited data from Asia indicating that although production levels are solid for the company's computers, they are being cut for iPods. He added that iPhone production is "volatile."

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