Apple Inc. fell to its lowest in three weeks in New York trading, after Thomas Weisel Partners lowered the company's revenue and profit estimates due to possible slow sales, Bloomberg reported Tuesday.

In Nasdaq Stock Market trading, Apple dropped 2 percent to US$166.19. Its stocks have been down 16 percent this year, versus an 11 percent decline for the Nasdaq Composite Index.

Analyst Doug Reid lowered his estimate for Apple's profits by one cent to $1.08 a share for the fiscal fourth quarter ending in September. He also adjusted his September quarter revenue estimate down from $8 billion to $7.9 billion, according to Bloomberg.

“Retail store checks indicate decelerating sales,” Reid stated in a report. “iPhone unit sales have slowed in the past two weeks.”

However, Reid kept an “overweight” rating on Apple. He predicted that it would bounce to $215 in the next 12 months, up 27 percent from its closing price on August 29, Bloomberg reported.