Loop Capital senior analyst Ananda Baruah downgraded Apple Inc. (AAPL) from “Buy” to “Hold” and slashed his price target to $330, indicating potential downside of about 3% from current levels. Despite a strong uptrend that has pushed the tech giant’s shares up roughly 25% since the start of 2026, the expert believes the scope for near-term gains is exhausted.

The primary catalyst for this caution is softening demand for the new iPhone 18 lineup. While supply shortages of memory and processors initially accounted for lower shipment figures, the current weakness appears driven by flagging consumer interest. According to Baruah, the stock requires a fundamental catalyst reset, especially with its forward P/E multiple trading at a 5-year high of roughly 36x.

At the same time, technical indicators point to continued positive momentum: Apple shares remain firmly above key moving averages, and the Relative Strength Index (RSI) sitting in the mid-50s leaves ample room before reaching overbought conditions. Furthermore, a stable, albeit modest, dividend yield of 0.32% bolsters the company’s appeal for long-term investors.

Wall Street’s consensus rating on Apple remains a “Moderate Buy,” while the mean price target of $331 also implies a potential 3% pullback. This reflects an overarching cautious stance among most analysts regarding the company’s performance heading into late 2026 and early 2027.