Apple shares fall most in two years

on Wednesday, the biggest percentage drop in two years, after the company reported its slowest-ever rise in iPhone shipments and forecast that quarterly sales for the current period would post the first drop in 13 years.

At least 16 analysts cut their price targets on the stock. The median price target is $135, according to Reuters data.

"Cook & Co have a few tough quarters ahead until we get to the buildup around iPhone 7 later this year, which is what bulls are focussed on to turn this ship back into growth waters," FBR & Co analyst Daniel Ives said.

Shares fell to $93.42, knocking off more than $36 billion from Apple's market value of about $554 billion. While currently the most valuable publicly traded U.S. tech company, the decline put it closer to Alphabet Inc

The March quarter is likely to be the weakest this year in terms of iPhone sales. But analysts said long-term value investors could view the depressed stock price as a buying opportunity.