Apple shares edged lower in early Thursday trading, extending a move into correction territory for the world's second-largest tech stock, following a price target downgrade from Goldman Sachs analysts ahead of its December quarter earnings report later next week.

Apple shares fell Tuesday after Jefferies downgraded the stock to an “underperform” from “hold” on Monday, noting that flagging iPhone sales and weak demand for its artificial intelligence (AI) features in newer models would lead the tech giant to undershoot quarterly revenue forecasts.

Ananda Baruah, analyst from Loop Capital, downgraded Apple from "Buy" to "Hold," with a revised price target of $230, down from $275. The analyst concerned over iPhone demand reduction since March 2024.

Shares of Apple (AAPL) tumbled almost 4% on Tuesday following another analyst’s outlook change on the stock. Today, hit a new four-month low, following a report from Bloomberg indicating the company has seen an 18% slide in iPhone sales in China during the holiday season.

Several Wall Street analysts have cut their ratings or price targets on Apple stock ahead of the company's earnings report next week.