It might look like the Apple share price is plummeting right now, but one analyst is still sticking to his guns, claiming that the stock will still hit his $1,111 price target.

Topeka Securities Brian White believes that China will be huge for Apple, and he takes assurance from news that Apple sold 2 million iPhone 5 models in the opening weekend. According to Apple CEO Tim Cook, this was a "new record" for first weekend sales in China.

White also notes that Apple will have the iPhone and iPad on sale in China in time for Chinese New Year on 10 February, reports Business Insider.

Given that Apple closed at $518.83 last night (after hitting a low of $501.23 during trading that day, and a just $497 in pre-market trading – it's lowest level since February) you could more than double your money if you invested in Apple now.

However, other analysts are more cautious. 

Pacific Crest analyst Andy Hargreaves is concerned about "soft demand" for the iPhone. He claims that "weak global economic conditions and saturation at the high end of the smartphone market are reducing Apple’s ability to add new iPhone users", writes Business Insider, in a separate report.

As a result, Pacific Crest is reducing its iPhone estimates for 2013 and 2014, and changing their price target from $645 to $565.

Apple share holders have seen the price of the AAPL stock decline as much as $187 in the past 85 days. Apple has lost the equivalent value of 54 of the smallest S&P 500 companies from its market cap, according to Oppenheimer chief market strategist John Stoltzfus.

Stoltzfus notes that between 19 September and 14 December Apple's market cap has fallen from $658.15 billion to $479.56 billion, that's a loss of $178.59 billion. Stoltzfus said: "If we list all 500 companies in the S&P 500 index in order by smallest to largest market cap, the value erased by Apple’s decline exceeds the cumulative total value of the 54 smallest companies – more than 10% of the companies in the entire S&P 500 index," according to Business Insider.

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