Lehman, S&P cut AAPL price targets

Analysts are continuing to soften their outlook on Apple with both Lehman Brothers and Standard & Poor revising their price targets downward -- following a similar move by UBS earlier today. The company's stock dropped $1.38, or 2.2 percent, to $61.27 after Lehman Brothers cut its price target to $73 from $80, according to The Wall Street Journal. Lehman said that the stock will likely stay range-bound "until evidence emerges that new products will be exciting enough to drive sales higher." The firm said that data shows Apple experienced weakness in the PC and iPod sales in the March quarter and that the "halo effect" that should have boosted PC sales was "not as strong as some bulls have asserted," according to the report. Meanwhile, analysts for Standard & Poor cut its 12-month target price on Apple to $68 from $83 to reflect a revised valuation analyses, according to AppleInsider. The firm said that the cut reflects "slowing sales related to maturing of the iPod and MP3 player market, and margin pressure as iPod becomes larger percent of Apple's sales mix." Unlike UBS -- which maintains a 'buy' rating on the stock, Standard & Poor maintains a 'hold' rating.

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