Jefferies analyst Peter Misek cut his price target on Apple to $800, down from $900.
He still rates the stock a "buy," but he says Apple's growth is going slow to just 20% by 2014. (In 2013, he's calling for 40%-50% growth.)
iPhone sales in developed markets will slow as those markets hit a saturation point. Apple, right now, doesn't have a plan to aggressively attack developing markets.
It could release a low cost iPhone for $200-$250, but that would lead to smaller sales and smaller margins, says Misek.
Apple's stock is off 1.41% this morning in pre-market trading. It was down ~10% last week and it has fallen significantly after breaking $700 in September. It's now at $533.
Here's the chart showing saturation of developed markets: