UPDATE 1-Apple results spur price target cuts, shares fall 9 pct

Jan 24- Weaker-than-expected holiday sales of Apple Inc's iPhone reinforced fears that it is losing its dominance in smartphones, driving its shares down 9 percent in premarket trading and drawing another round of stock price target cuts. Jefferies& Co cut its rating on Apple's stock to "hold" from "buy" and slashed its share price target by $300 to $500.