Apple is down 0.07% at $119.92 a share following a downgrade by Barclays.
Barclays downgraded the iPhone maker from “overweight” to “equal weight” and dropped its price target to $117 from $119.
In a note sent to clients on Tuesday, Barclays analysts said they do not see “meaningful upside potential” in the stock.
Ultimately, Barclays still believes that Apple is a good stock for long-term investors, especially given the company’s large cash balance and products that retain customers from year-to-year.
“Long-term growth opportunities related to India, services, the enterprise, artificial intelligence, and maybe even the Cloud still exist; however, we do not expect these potential ‘what’s next?’ opportunities to emerge as major needle movers over the next 12 months for Apple’s model,”Barclays analyst Mark Moskowitz wrote.
“This call is not on the quarter,” Moskowitz wrote. Apple reports quarterly earnings on January 31.
Visit Markets Insider for constantly updated market quotes for individual stocks, ETFs, indices, commodities and currencies traded around the world. Go Now!
Business Insider Emails & Alerts
Site highlights each day to your inbox.