Apple nears bear market on negative Wall Street

A customer checks an iPhone 6S at an Apple store.
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A customer checks an iPhone 6S at an Apple store.

Analysts at Morgan Stanley issued a bleak report on Apple's projected iPhone sales, joining a growing list of Wall Street firms with similar expectations.

In a note to clients Sunday, Katy Huberty of Morgan Stanley cut her 2016 iPhone units estimate by 12 percent and earnings by 6 percent.

Huberty, who's ranked among the top 3 percent of analysts on the Street, according to TipRanks, expects a deceleration in iPhone sales in all regions but China.

The cautionary outlook comes at a time when Apple shares are down more than 17 percent since reaching a record price of $134.54 on April 24.

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