The month of December has not been kind to Apple, the second worst performing Dow component after commodity-crushed Caterpillar. And analysts appear to be tripping over themselves to cut iPhone estimates.
The longer-term stock story has even bleaker, with more than $122 billion in market value vanquished since reaching a highs of $134.54 on April 28, 2015.
Money manager Paul Shatz, president of Heritage Capital LLC, remains very bearish on the stock. Tuesday on CNBC's "Power Lunch" Schatz explained why he has been shedding Apple shares across all twelve of his portfolios.
"It looks like the classic case of a former high-flier stock rolling over from bull to bear," said Schatz. "Growth is slowing, there are no revolutionary products and the company has done nothing with billions in cash."
Schatz also believes the company's market leadership, once untouchable, is now past its prime.
"Apple reminds me of General Electric in the 1990's, when shares went from beloved to a laggard," said Hargreaves. "This seems like the exact same scenario."
Andy Hargreaves, senior research analyst with KeyBanc Capital Markets, recently turned bullish on Apple. Earlier this month, the longtime Apple bear upgraded the stock to overweight with a twelve month price target of $142.
"Buy-side expectations are lower and are achievable," said Hargreaves. "We continue to believe Apple will be stable in this environment and could perform well over the next 12 months as investor focus shiftstoward the iPhone 7."
Hargreaves continues to see Apple as a sustained share gainer in the smartphone market
"Pricing (is) likely to remain protected by Apple's brand, ecosystem and the iPhone's extraordinary utility," said Hargreaves. "Our target is based on 7.5x EV/EBITDA using our F2016 EBITDA estimate of $83 billion."
KeyBanc Capital expects to receive or intends to seek compensation for investment banking services from Apple within the next 3 months. KeyBanc currently makes a market in Apple
Apple's market cap is currently worth $623 billion dollars.
CNBC's Brian Sullivan contributed to this report