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Oppenheimer downgrades Apple

Oppenheimer analyst Andrew Uerkwitz downgraded to "perform" from"outperform," TheFly.com reported.

According to Uerkwitz, the company's weak performance is expectedto recur until the iPhone launch in 2017. Uerkwitz reportedly told investors ina note that Apple is not immune to the lengthening of the replacement cycle seenacross the smartphone market. However, he also said that the stock will work againin the second half of 2017 once year-over-year growth returns.

Meanwhile, a team of Goldman analysts headed by Simona Jankowskiremoved the company from their "conviction buy" list, while maintainingits "buy" rating. The analysts also lowered Apple's price target to $136from $155.

Jankowski expects that Apple shares will be weak near-term untilthe market gets used to the iPhone7 product cycle. Currently, Apple had a much weakeriPhone 6s product cycle, the analyst reportedly said, while China was the most negativesurprise.

However, Jankowski also reportedly said that iPhone installedbase being up 80% as opposed to two years ago was encouraging.