Cupertino, CA January 21, 2025 Apple Inc. ( NASDAQ:AAPL ) faced a double downgrade from Loop Capital and Jeffries citing concerns over weakening iPhone sales and slower consumer demand.

Ananda Baruah, analyst from Loop Capital, downgraded Apple from "Buy" to "Hold," with a revised price target of $230, down from $275. The analyst concerned over iPhone demand reduction since March 2024.

"We're downgrading to Hold on the heels of work from Loop Capital Supply, Chain Analyst John Donovan that suggest a material iPhone demand reduction beginning in the Mar Quarter but materially amplifying in the June and Sept. As such, while the foundation of our 7/15/24 structural Buy call could still materialize, it now remains unclear on timing, and it certainly won't be for the next nine months given we're on the front end of 2.5 Q's ofmaterially softening iPhone demand. Our $230 PT is 31x our new CY2025 EPS of $7.31," said the analyst.

Jeffries analyst Edison Lee also saw similar sentiments, downgraded Apple from "Hold" to "Underperform" with price target of $200.75 citing weak iPhone demand especially from China where iPhone shipments were projected to decline by 2% for the December quarter. There's a trend of reduced consumer spending in China, moreover new government policies will impact demand from China.

iPhone SE also face challenges as U.S. consumers are reportedly find AI features in the smartphone not particularly useful.

You can make more informed investment decision by visiting GuruFocus now and deep dive into Apple's performance with charts, breakdowns, 30 years financial data, insiders and more!

This article first appeared on GuruFocus .