The site reports that on Thursday, UBS analyst Steve Milunovich reduced his estimates for Apple’s fiscal 2013 and fiscal 2014 years.
The analyst believes Apple shares will drop from $780 to $700.
iPhone sales estimates were trimmed by 5 million units for this fiscal year, while iPad sales estimates were reduced by 2 million units.
But Millunovich doesn’t seem very optimistic about Apple’s new iPhone.
“Some of our Chinese sources do not expect the iPhone 5 to do as well as the iPhone 4S,” he wrote.
The UBS analyst expects iPhone production to drop to 25 million units in Q1 of 2013.
Millunovich lowered his estimates regarding Apple earning to $47 per share in fiscal 2013, a drop from his previous estimate of $51.50.