Apple Inc. AAPL, -3.17% shares are down 0.5% in premarket trading Monday after a report in the Nikkei Asia Review said that the company planned to trim its iPhone X production target to 20 million for the March quarter, half of what it expected a few months ago. The Nikkei Asian Review attributes the production cut to lower-than-anticipated sales of the device. The phone's price tag of at least $999 could be a key reason for the demand issues, the publication said. Wall Street analysts have also been weighing in on the prospect of significantly weaker-than-expected iPhone X sales, with analysts at JP Morgan predicting last week that Apple would cut its build orders for the device by 50% in the March quarter, causing them to take a more cautious stance on a number of Apple suppliers. Apple shares are up 41% over the past 12 months, while the Dow Jones Industrial Average DJIA, -0.87% is up 30%.