Oppenheimer analyst Martin Yang downgraded Apple (NASDAQ: AAPL) from Outperform to Perform.

The analyst comments "We downgrade APPL to Perform from Outperform. We lower our FY26 EPS estimate to by 4% to $7.95, below consensus of $8.23E. Our revision is based on reduced estimates for iPhone sales in the next 12-18 months. We see a twofold challenge ahead for iPhone growth: 1) stronger competition in greater China and 2) lack of compelling Apple Intelligence and generative AI apps to accelerate near-term device replacement. With slower-than-expected iPhone sales since last September and elevated valuation, we believe it will be challenging for AAPL to outperform. Downgrade to Perform."

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Shares of Apple closed at $238.26 yesterday.