An Apple logo is seen at the Apple Worldwide Developers Conference 2012 in San Francisco, California June 11, 2012. REUTERS/Stephen Lam


Apple Inc shares fell 3.9 percent following another price target cut on its stock, on a day when its iPhone 5 debuted in China to a cool reception. UBS Investment Research cut its price target on Apple stock to $ 700 from $ 780, saying it expects lower iPhone and iPad shipments for the March quarter.

Apple launched the iPhone 5 in China on Friday, a move widely expected to bring Cupertino some respite from a recent slide in market share in China, but early reports indicated that demand may not be as great as expected.

Apple falls on lower shipment forecasts

“Some of our Chinese sources do not expect the iPhone 5 to do as well as the iPhone 4S,” UBS analyst Steven Milunovich wrote in his note. Apple shares fell as low as $ 509.11 in initial trading on the Nasdaq on Friday.