The firm revised its fiscal 2016 sales estimate for the wearable device, saying it sees "lackluster interest."
Still, UBS analysts maintained their "buy" rating with a $150 price target.
Yesterday, analysts at Cantor Fitzgerald and Brean Capital both hiked their price targets following the iPhone maker's second quarter earnings beat.
Cantor raised its price target to $195 from $180 with a "buy" rating, citing the powerful iPhone cycle and early momentum from the Apple Watch.
Brean Capital raised its target to $170 from $160, also with a "buy" rating. The firm thinks Apple will continue to return "material capital" to shareholders over the next few years.
Apple designs, manufactures and markets mobile communication and media devices, personal computers, and portable digital music players, as well as a variety of related software, services, peripherals, networking solutions, and applications. The company is based in Cupertino, Calif.
Insight from TheStreet's Research Team:
Apple is a core holding of Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio. In a recent alert, here is a snippet of what Jim Cramer, Portfolio Manager & Jack Mohr, Director of Research - Action Alerts PLUS had to say about the stock:
Because of the company's large capital return initiatives (Apple spent $7 billion on share repurchases during the quarter), diluted earnings per share grew 40% y/y to $2.33, beating consensus by $0.18. The company expects June-quarter revenue to be in the range of $46 billion to $48 billion, in line with the consensus estimate of $46.9 billion at the midpoint. Guidance implies EPS of $1.56 to $1.73 vs. the prior consensus of $1.69 entering the quarter. Of course, Apple's management team is notorious for lowballing guidance, so we see substantial upside to its current range.