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Rosenblatt Securities downgraded Apple to "sell" from "neutral" on Monday and said it thinks there is "less reward" for owning the stock.
The firm said that while it didn't think Apple stock was a short, "we believe Apple will face fundamental deterioration over the next 6 to 12 months," analyst Jun Zhang said in a note to clients. Rosenblatt did, however, maintain its 12-month $150 price target.
"Adding to our 'sell' thesis, we believe new iPhone sales will be disappointing, iPad sales growth will slow in the second half of 2019, other product sales growth, such as the HomePod, AirPod, and iWatch, may not be meaningful to support total revenue growth," they said.
Shares of the tech giant were down 2.12% in midday trading. The company expects to report third-quarter earnings on July 30 after the closing bell. Apple's chief design officer, Sir Jony Ive, also recently announced he was leaving the company.