Pacific Crest analyst Andy Hargreaves downgraded Apple to Sector Weight from Overweight saying upside from the launch of iPhone 8 is already reflected in the shares.|

An "extremely strong iPhone 8 cycle" is being priced into the stock while little weight is being given to gross margins, supply issues, or the likelihood for declines beyond the iPhone 8, Hargreaves tells investors in a research note. Apple in premarket trading is down $1.20, or less than 1%, to $154.25.