We noted in December that the analyst downgrade cycle had begun and that is what this call from Munster echoes. In December, Canaccord Genuity's T. Michael Walkley maintained a Buy rating but cut the price target to $750 from $800. That call cited November channel checks indicating very strong sales of the iPhone 5 but it lowered F2013 and F2014 iPhone and iPad estimates due to softer sales expectations in international markets. He said, "Despite our slightly lowered estimates, we believe Apple's industry-leading software ecosystem and integrated hardware experience will result in a strong multi-year product cycle." Also in December, Citigroup cut its rating to Neutral from Buy and slashed its price target down to $575 from $675 after cautious comments had been made by UBS, Jefferies, and Pacific Crest.