Barclays analyst Mark Moskowitz downgraded Apple (AAPL) to Equal Weight from Overweight and lowered his price target for the shares to $117 from $119. The stock closed yesterday up 8c to $120.08.

The analyst is not making a call on next week's quarterly results. Rather, Moskowitz does not see "meaningful upside potential" to the consensus estimates for Apple's 2017 fiscal year. The iPhone 8 cycle is likely not to bring a rebound in growth, while China and India are likely not to emerge as growth catalysts in the next 12 months, Moskowitz tells investors in a research note. He believes, however, that the iPhone maker's "sticky ecosystem" and large cash balance provide "decent downside support" for longer term investors.