Apple Inc. shares declined in premarket trading after Needham & Company downgraded the stock from Buy to Hold. The downgrade was attributed to concerns over Apple's near-term revenue and earnings per share (EPS) growth, rising competition from other major technology companies, and a stretched valuation. Needham cited specific risks including a declining iPhone upgrade cycle, the company's lag in generative AI hardware innovation, and the potential erosion of Apple's 15%–30% platform fee by competitors. Needham did not assign a new price target. Following the downgrade, Apple shares dropped as much as 1% to $201.82, with a premarket dip of 0.7% and a reported decline of 0.4%. Bank of America analyst Wamsi Mohan maintained a Buy rating on Apple, setting a price target of $235. Mohan acknowledged near-term risks such as trade tensions with China, slowing iPhone growth, and Apple's position in AI development, but emphasized the company's long-term upside potential.