For the first time in several weeks, Apple (NASDAQ: AAPL) did not close the week at a record high. Share prices did close at a record $133.00 on Monday, but gradually slid for the rest of the week to close Friday at $128.46. Monday's 2.2% surge brought Apple's market capitalization to over $765 billion, more than twice that of Exxon's $374 billion cap. The last time the largest cap doubled the second largest was 30 years ago, when IBM took the top spot over Exxon. Apple is now a 30% jump away from becoming the world's first trillion dollar company.
Despite Apple's immense success, Germany's Berenberg Bank, a respected financial institution, lowered its target price to a shocking $60. Analyst Adnaan Ahmad believes that Apple is too reliant on the iPhone, which accounts for 70% of the company's revenues and 85% of its profit. Once the iPhone 6 market quiets down, he believes Apple will experience negative growth. He doesn't expect much from the Apple Watch either, but he does see potential for Apple