As previously reported, BofA Merrill Lynch analyst Wamsi Mohan downgraded Apple (AAPL) to Neutral from Buy following its Q4 earnings report, citing his concern that there are likely to be further negative estimate revisions.

He see near-term pressure on Apple shares driven by iPhone unit pressure from weakening emerging markets, deceleration in Services given weakening app store trends, significant positive revisions in the last year reversing to negative revisions in FY19 and investors needing time to adjust to the company's change in disclosures.

Mohan lowered his price target on Apple shares to $220 from $235.