Goldman sticks with sell rating on Apple, sees 33% downside

Employees wearing face masks stand outside the Apple store at the Destiny USA mall during the reopening, as the coronavirus disease (COVID-19) restrictions are eased, in Syracuse, New York, U.S., July 10, 2020.
Maranie Staab | Reuters

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Investors are looking at Apple the wrong way and the company will shed a third of its market cap over the next 12 months, Goldman Sachs said in a note to clients.

The bank has been one of the most bearish Wall Street firms on the tech giant, and it reiterated its sell rating on the stock on Tuesday. Goldman said it doesn't believe the non-iPhone segments of the business will be able to make Apple a true growth company again.