How Did Apple's Stock Perform The Last Time It Was Downgraded?

Shares of Apple Inc. (NASDAQ: AAPL) were trading lower by around 1 percent early Tuesday morning after analysts at Barclays downgraded the stock to Equal-Weight from Overweight.

Apple's stock hasn't been downgraded since October 26, 2016, when analysts at Stifel downgraded the stock amid a weak iPhone outlook.

On October 26, Stifel analyst Aaron Rakers downgraded Apple to Hold from Buy with a price target lowered to $115 from $130. The analyst cited various areas off concern to justify his downgrade, including a poor iPhone outlook and concerns in China.

How The Stock Performed

Shares of Apple closed at $118.25 the day prior to Stifel's downgrade. On October 26, shares of Apple opened fnotably lower at $114.31, trading as low as $113.31 before closing the day at $115.59.

The day after the downgrade, Apple's stock opened for trading at $115.39, traded as low as $114.10, then closed the day slightly above the lows at $114.48.

The selling momentum in Apple's stock continued until November 14 when it bottomed at $104.08, so investors will naturally be paying particularly close attention to Apple's stock on Tuesday to see if Barclays' downgrade will create near-term selling momentum or if the stock will charge ahead of its 52-week high of $120.81.

At time of publication, the stock was trading about flat at $120. It hit a low of $119 in the pre-market session.