(Updated - June 12, 2017 5:46 AM EDT)

Mizuho Securities downgraded Apple (NASDAQ: AAPL) from Buy to Neutral with a price target of $150.00 (from $160.00).

Analyst Abhey Lamba says the upside is limited despite the possibility of a strong iPhone cycle due to the constraints placed on potential EPS growth. Lamba says EPS clocks in around $11 in the bull case scenario which limits multiple upside. He is cautious on FY 2018 numbers for the following reasons:

1. potential pull-in of demand creating tough comps in the following year;
2. growth driven primarily by replacements vs. net new customers, limiting expansion of installed base;
3. initial supply constraints due to complexities around product ramp;
4. potentially higher ASPs for high-end SKU driving demand elasticity;
5. risk to out-year gross margins.

He remains very bullish on the new iPhone cycle but now that most estimates and even the current stock price seem to account for what's expected to be a very possible release for Apple, he downgrades the stock due to limited upside opportunity left.

FY 2017 EPS estimate remains at $8.79 and FY 2018 EPS estimate remains at $9.16.

For an analyst ratings summary and ratings history on Apple click here. For more ratings news on Apple click here.

Shares of Apple closed at $154.99 Friday.