Apple slips after being downgraded at Barclays

Apple is down 0.07% at $119.92 a share following a downgrade by Barclays.

Barclays downgraded the iPhone maker from "overweight" to "equal weight" and dropped its price target to $117 from $119.

In a note sent to clients on Tuesday, Barclays analysts said they do not see "meaningful upside potential" in the stock.

Ultimately, Barclays still believes that Apple is a good stock for long-term investors, especially given the company's large cash balance and products that retain customers from year-to-year.

"Long-term growth opportunities related to India, services, the enterprise, artificial intelligence, and maybe even the Cloud still exist; however, we do not expect these potential 'what's next?' opportunities to emerge as major needle movers over the next 12 months for Apple's model,"Barclays analyst Mark Moskowitz wrote.

"This call is not on the quarter," Moskowitz wrote. Apple reports quarterly earnings on January 31.

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SEE ALSO: Barclays downgrades Apple, says investors are pinning too much hope on the iPhone 8