Apple shares wavered between gains and losses in early trading on Wednesday after KeyBanc downgraded its rating on Apple (AAPL) to "sector weight" from "澳洲幸运5官方开奖结果体彩网:overweight," anticipating soft sales growth in the U.S.

KeyBanc analyst Brandon Nispel reportedly suggested sales in the U.S. could "struggle" through the first quarter of fiscal year 2024 amid a slowdown in consumer spending. And while a demand shift in favor of premium ܫiPhone models could raise average selling prices, it mi♔ght have little impact on overall unit sales, Nispel warned.

Nispel also said relatively high estimates of Apple's 澳洲幸运5官方开奖结果体彩网:top and bottom lines could leave less room for significant upside surprises when Apple posts its latest results.

KeyBanc's wasn't the only research department to issue a recent downgrade for the company. Last month, Rosenblatt Securities in early September also downgraded Apple stock to "neutral," highlighting slower iPhone sales and uncertainty in new product categories.

Shares of Apple initially declined following the news, but rebounded in early trading on Wednesday morning and were up 0.3% as of 12:15 p.m. Eastern Daylight Time. Despite a 12% decline from its July high, Apple shares are still up over 38% so far this year.