Apple is getting bruised by the global economy, according to analysts.

“We believe that the weak consumer economy has started to take a toll on Apple’s systems business, along with difficult comparisons for iMacs,” BMO Capital Markets analyst Keith Bachman wrote Thursday in a note to clients.

Apple shares were down $5.28, or 4 percent, to $126.65 in midday trading Friday.

BMO Capital is cutting its fiscal year 2009 sales estimate for Apple to $40 billion from $40.6 billion and reducing its price target to $180 from $190.

That comes after ThinkPanmure analyst Vijay Rakesh wrote Wednesday that there is “A more price-sensitive consumer hurting core Macbook sales.” 

Apple’s Macbooks had remained in the top 3 of Amazon.com’s notebook category up through June, notes Mr. Rakesh, but sales have since dropped out of the top 5 for the July to August period. Consumers are heading for the cheaper category of so-called netbooks made by the likes of Dell, Acer, MSI, and Asustek, he said.

BMO Capital and ThinkPanmure make a market in Apple securities.