Bond Guru Jeffrey Gundlach Slaps $425 Price Target on Apple

Apple (NASDAQ: AAPL) shares entered bear market territory on Wednesday, falling below $560 -- a more than 20 percent decline from the all-time high shares hit back in September.Bond king Jeffrey Gundlach appeared on CNBC Wednesday. Gundlach said that, even down 20 percent, shares were likely to fall further and might not find support until $425 or so.Gundlach's bearish thesis is nothing new. The fund manager made negative comments on Apple earlier in the year, noting that there was an extreme obsession with the stock, and that the “rainmaker” -- Steve Jobs -- is now gone.Apple bears frequently point to the widespread ownership of Apple as evidence that the stock is exposed to downside risks -- potential future buyers are limited, as everyone already owns the stock, and should the share price fall significantly, there could be a “rush for the exits” ...

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