Despite monumental gains over the last twelve months, Thursday was not a banner day of trading for shares of AAPL.
The Cupertino, California-based Mac maker tumbled $2.98 to close at $106.82 at the end of trading on Wall Street yesterday.
The reason? Largely blamed for sparking selling pressure was Mizuho Securities analyst Abhey Lamba, who downgraded the rating on Apple from Buy to Neutral.
Although the Japanese bank is less optimistic that it used to be regarding Apple, Lamba still reiterated a $115.00 price target for AAPL.
“We are downgrading Apple to Neutral from Buy as we think risk-reward is well-balanced at the current level,” Mizuho Securities told investors. “While F1Q15 results will likely be extremely solid and March guidance could indicate continued momentum, we believe iPhone sales will decelerate more than normal later in the year. Additionally, our checks indicate that Apple Watch sales could be disappointing and other categories are unlikely to offset the slowdown in iPhone sales creating pressure on out-year estimates. With the upside to the stock around $130-140 and downside in the mid-$80s, we think risk-reward is well-balanced.”