Apple Stock Downgraded At Barclays On Sluggish IPhone Sales

Shares of Apple Inc. were downgraded to equal weight from overweight at Barclays Tuesday morning and their 12-month price target reduced to $117 from $119. Analyst Mark Moskowitz joined a choir of analysts this week saying they don't expect much from Apple this calendar year, as the company continues to be weighed down by sluggish industrywide smartphone sales. The company's "sticky ecosystem," large cash holdings and 10th anniversary iPhone expected this September, however, are positives that may continue to support investors for the long term, said Moskowitz. Shares of Apple fell 0.5% to $119.41 in premarket trade. They've risen 2% in the past three months and 18% in the past year. The Dow Jones Industrial Average , by comparison, is up 8.5% in three months and 23% on the year. The average rating on Apple's stock is the equivalent to overweight, while the average price target is $130, according to a FactSet survey of roughly 40 analysts.