Apple's stock briefly tumbled nearly 8 percent Wednesday as analysts expressed their disappointment with the tech giant's latest quarterly report.
The company's stock fall took out $46 billion from its market cap, but it still remains the largest company in that regard. The stock held 6.2 percent lower at the close.
At least a dozen investment firms slashed their price targets on the stock, which was once considered a Wall Street darling. Among them was Drexel Hamilton, which cut its price target to $185 from $200.
"As the iPhone 6-Series nears the end of this two-year cycle and the macro backdrop remains challenging, volatility in Apple's results is to be expected," Drexel analyst Brian White said in a note to clients Wednesday. He said he reduced his fiscal third-quarter earnings and revenue estimates to $1.37 a share and $42.05 billion, respectively, from $1.60 a share and $44.55 billion.
The tech giant posted fiscal second-quarter earnings of $1.90 a share on $50.56 billion in revenue, marking its first quarter-over-quarter revenue decline since 2003. Analysts polled by Thomson Reuters had expected Apple to report earnings of about $2 a share on $51.97 billion in revenue.