And when the market staged a comeback in September of 2012, both sold off, and continue to move in the opposite direction of the markets (broadly speaking).
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If this is true, will the much anticipated correction in the broader market be a catalyst for shares of Apple?
Jefferies doesn't think so. After recent channel checks in Asia, Jefferies analyst Peter Misek cut his price target on shares of Apple Tuesday to $420 from $500.
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Brian White, an analyst at Topeka Capital Markets said, "Investors ultimately need to focus on the fundamentals around Apple…the macro can be a tailwind or a headline at times but ultimately the long-term fundamentals are what count.