Apple could revisit its fall 2012 all-time highs this year, Hudson Square Research Principal Daniel Ernst told CNBC's "Squawk Box" on Wednesday.
Ernst—who had a screaming buy on the stock and a $900 price target not too long ago—said he's reducing projections to $700 to reflect "what we see as a new normal for growth and margins."
But his new target would still send Apple stock soaring more than 60 percent higher from here, and back to record high levels not seen since September of last year.