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Barclays removes Apple as a 'top pick'

Customers compare Apple iPhone 7 and iPhone 7 Plus smartphones.
Sergei Fadeichev | TASS | Getty Images

Barclays reiterated its overweight rating on Apple shares, but removed the company's "top pick" designation on deteriorating smartphone industry trends.

"While we maintain a constructive view on the long-term Apple franchise value and think next year ushers in IP8 with revolutionary advancements, the stock could be overbought given how fundamentals may not be as strong," analyst Mark Moskowitz wrote in a note to clients Thursday.

"Our research indicates a recovery in global smartphone growth could be pushed out. Plus, conversations with industry participants suggest iPhone sales trends could be at risk of petering out in coming months, similar to last year's post-IP6S launch fall-out."