Mizuho Securities analyst Abhey Lamba downgraded Apple Inc. stock to "neutral" from "buy," based on valuation, Reuters reported June 12.

"Enthusiasm around the upcoming product cycle is fully captured at current levels," the analyst wrote in a research note, lowering his price target on the stock to $150 from $160, according to Reuters.

Shares of Apple fell 2.4% on June 12, closing at $145.42.

A week earlier, Pacific Crest Securities analysts also cut their rating on Apple shares to "sector weight," citing the stock's valuation and other factors.