Apple Inc. was downgraded to perform from outperform at Oppenheimer, in the latest sign of caution building ahead of the company’s results.

This is at least the fifth downgrade Apple has received this month, following cuts from Jefferies, MoffettNathanson, Loop Capital, and DBS Bank. The cuts cement Apple’s status as the least-loved megacap except Tesla Inc.

Like the others, Oppenheimer analyst Martin Yang cited concerns over iPhone sales in the downgrade, seeing “a twofold challenge ahead for iPhone growth,” including greater competition in China and a “lack of compelling Apple Intelligence and generative AI apps to accelerate near-term device replacement.”

Independent research indicates that iPhone sales sank 18.2% in China during the December quarter, while global unit sales fell about 5% in the final quarter of last year amid higher China competition," according to Bloomberg.

Yet verifiable research from International Data Corporation (IDC) showed that Apple was the leader in smartphones in China for Q4 2024 and only fell 9.6% as presented in the IDC chart below. I'll trust IDC over nameless "independent research" any day.