The firm also reduced its price target to $114 from $115 on the stock, but kept its "overweight" rating.
"While data points can be ever-changing, we elect to trim estimates and lower our PT to $114 to signal possible near-term tumult after the stock's recent run," Barclays wrote in an analyst note earlier today.
"Our research indicates a recovery in global smartphone growth could be pushed out. Plus, conversations with industry participants suggest iPhone sales trends could be at risk of petering out in coming months, similar to last year's post-IP6S launch fallout," the firm added.
Despite new products from both Samsung (SSNLF) and Apple, the firm's research is not indicating any major improvement in smartphone units beyond initial channel fill for the respective product launches.
Barclays now expects a decline of 2.9% in smartphone revenue and growth of 2.6% in smartphone units.
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Separately, TheStreet Ratings Team as a Buy with a ratings score of B+ on the stock.
The company's strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures, expanding profit margins and notable return on equity.
The team believes its strengths outweigh the fact that the company has had lackluster performance in the stock itself.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: AAPL