BofA downgraded the company from Buy to Neutral with a $120 price target, citing concerns that growth may slow in 2026 when excluding purchases from its majority owner SoftBank. The analyst also noted potential weakness in global smartphone units. However, the company's self-reinforcing ecosystem and software compatibility create a strong competitive moat. Earnings have consistently met or exceeded expectations. The stock faced broader tech sector pressure and fell 11% in 2025, with a caller reporting a 23% loss over a one-year holding period.