Investment firm Redburn Atlantic has become the latest to downgrade Apple, although its analyst is keeping its $200 price target.

Following Barclays' expectation that the iPhone 16 will have no compelling features, Piper Sandler also downgraded Apple over fears of falling demand. Now Redburn Atlantic has become the third such investment firm to downgrade Apple in January 2024.

According to Seeking Alpha, analyst James Cordwell has kept his $200 price target, but downgraded Apple from buy to neutral. He predicts that iPhone sales will resume growing over 2024, but that the March quarter could be poor, and there is "little room for upside" over the next few years.

Cordwell is also concerned about increased regulations, such as in the European Union. He predicts that this could affect App Store earnings, and therefore, Apple's profitability.

He also notes that Apple's price-to-earnings ratio has surpassed Nike's for the first time, over an extended period. Based on this, he concludes the valuation is what's described as full, meaning no more room for growth.

Apple shares fell fractionally in premarket trading after the downgrade. The company has not commented on Redburn's report, nor is it expected to.