Even a juggernaut stock like AAPL takes a blow squarely on the jaw every now and then. Thursday was one of those days for the Cupertino, California iDevice maker.

Reuters confirms that Mizuho Securities analyst Abhey Lamba effectively downgraded the rating on Apple from Buy to Neutral, lending impetus for shares to dip. AAPL fell $2.98 to land at $106.82 by the close of trade on Wall Street today.

The Japanese analyst, however, isn't necessarily bearish on Apple. Lamba reiterated the $115.00 price target. So why the downgrade?

“We are downgrading Apple to Neutral from Buy as we think risk-reward is well-balanced at the current level," Mizuho Securities told investors. "While F1Q15 results will likely be extremely solid and March guidance could indicate continued momentum, we believe iPhone sales will decelerate more than normal later in the year. Additionally, our checks indicate that Apple Watch sales could be disappointing and other categories are unlikely to offset the slowdown in iPhone sales creating pressure on out-year estimates. With the upside to the stock around $130-140 and downside in the mid-$80s, we think risk-reward is well-balanced.”

Source: Reuters