Apple on Wednesday was lower after analysts at Bank of America pared their price target on the shares to $320 from $350 on global-demand concern.
The firm also lowered its calendar 2021 earnings estimate to $16.35 a share from its previous view of $17.05.
Bank of America also lowered its revenue estimates, to $261.6 billion from $279.3 billion for 2020; and to $312.1 billion from $325.4 billion for 2021.
Nonetheless, Bank of America reiterated a buy rating on the Cupertino, Calif., tech giant.
The coronavirus is the culprit in Bank of America's note with the firm lowering estimates for calendar 2020 sales of iPhones, iPads, the Mac, Apple Watch, accessories and some services.
But Bank of America affirmed its buy rating because of what it calls Apple's strong cash position and an expected new buyback authorization in April.
Analyst Wamsi Mohan the launch of the iPhone SE2 to be delayed to Apple's fiscal second quarter. And he sees a possible month-long delay for the launch of Apple's 5G iPhone.
While the 5G handset still could launch in September, as had been previously estimated, meeting that deadline would require a strong ramp in production in April and May, the analyst said.
The coronavirus has infected more than 113,000 people globally in 109 countries outside China. About 32,000 people have been infected with the virus outside China.
"In its preannouncement, Apple had cited lower demand in China; however, we now expect a larger negative impact on global demand and lower our unit estimates," Mohan wrote.
Apple shares at last check were off 3% to $276.66.