Shares of Apple (NASDAQ:AAPL) are souring fast, with the iPhone maker plummeting into correction territory (down just north of 14% at the time of writing) over a relentless storm of analyst downgrades.

Apple (NASDAQ: AAPL) stock has been a big winner since the start of the pandemic, soaring in value as the company's market capitalization surpassed $3 trillion. The party may finally come to an end this year,

Apple faced two downgrades ahead of earnings, with analysts citing weak iPhone demand. China continues to be a headwind for sales.

In the past five years, the S&P 500 (SNPINDEX: ^GSPC) has generated a total return of 92% (as of Jan. 14). That's a fantastic gain that's above the historical average. A strong market backdrop has lifted Apple (NASDAQ: AAPL) even further.

Apple shares are close to key support. Breaking below $217 would bring $208 into play, according to technical stock market analysts.

Apple (AAPL), and the stock has lost over 11% so far, extending its drawdown from all-time highs to over 14%. It also lost its status as the world’s largest company to Nvidia (NVDA), whose share have looked unstoppable over the last few years.

The latest Apple stock downgrade centers around iPhone sales and the weakening consumer electronics market. Here's what investors need to know.

Forecasts for weak iPhone sales and a weaker update of new artificial intelligence features prompted strategists led by Edison Lee to lower the rate to Underperform from Hold.