"Despite the steady melt-up in Apple shares over the past few months, there has actually been a steady drumbeat of bad news," an analyst said on Tuesday.

Steven Cohen of Point72 Asset Management bought 1.5 million shares of Nvidia, increasing his stake by 75%. It is now his largest position excluding options. Meanwhile, he sold 1.5 million shares of Apple, completely exiting the position.

Apple stock has a “decidedly unattractive” outlook, MoffettNathanson analyst Craig Moffett said, lowering his rating on the shares and cutting his target for the price. Moffett downgraded Apple to Sell from Hold and trimmed his price target to $188 from $202.

Apple stock fell amid a downgrade to sell. The analyst cited concern over China, a U.S. government antitrust lawsuit and iPhone 16 demand.