Apple, Inc. (NASDAQ: AAPL) fell another 2.6 percent on Monday after Mizuho downgraded its rating on the iphone maker, citing concerns about the high valuation for the stock.
Mizuho Securities cut its rating on Apple to Neutral from buy, and lowered its target price from $160 to $150 per share.
"The stock has meaningfully outperformed on a year-to-date basis and we believe enthusiasm around the upcoming product cycle is fully captured at current levels, with limited upside from here on out," Mizuho analyst, Abhey Lamba, said in a Sunday note.
This came after Pacific Crest Securities downgraded the stock to sector weight last week.
Apple shares fell as much as 2.40 percent to $145.35 on Monday, on track to a second straight day of losses. The stock fell 3.9 percent on Friday. Apple shares have still gained 25 percent this year.
"At 15x and 11x NTM EPS and FCF, the stock is trading near the upper-end of its recent valuation range and we believe it is tough to expect the multiple to expand," wrote Lamba. "With limited upside to EPS or FCF estimates, we think the stock is fully valued."
The plunge in Apple shares price caused the sell off in the whole technology sector, as investors are worried a tech bubble. The Nasdaq Composite Index fell more than 1 percent in the early trading, after a more than 1.5 percent decline last week.