Several Wall Street analysts have cut their ratings or price targets on Apple stock ahead of the company's earnings report next week.

Apple shares fell Tuesday after Jefferies downgraded the stock to an “underperform” from “hold” on Monday, noting that flagging iPhone sales and weak demand for its artificial intelligence (AI) features in newer models would lead the tech giant to undershoot quarterly revenue forecasts.

Earlier today, it was reported that Apple's (NASDAQ: AAPL) iPhone sales fell 18.2% in China in the fourth quarter of 2024, while the resurgent Chinese rival Huawei Technologies took the top spot, according to Counterpoint Research. Apple is slated to report its fiscal first quarter results on Jan. 30.

Putting valuations on publicly traded companies is tricky because so much is tied to stock prices -- and stock prices are influenced by many things a company can't control, such as the economy,

Nvidia stock rose early Wednesday after President Donald Trump sent another signal to markets that artificial intelligence would be a priority under his new administration. The absence of Nvidia CEO Jensen Huang at the inauguration Monday stuck out as Big Tech CEOs thronged to the event.