UPDATE: Deutsche Bank Downgrades Apple Inc.

Analysts at Deutsche Bank downgraded shares of Apple Inc. AAPL from Buy to Hold and lowered the price from $105 to $102.

Sherri Scribner outlined reasons for the downgrade:

Apple’s ability to surprise consumer base is limited. Analysts feel that iPhone sales expectations are very high, making it difficult for the company to outperform expectations. Moreover, the company has introduced all of its new products, limiting catalysts.

In addition, shares of Apple are fairly valued. Analysts have adjusted estimates to reflect stronger iPhone sales, however, due to limited catalysts Scribner is downgrading to Hold.

Amid the after-hours downgrade, Apple share were recently down about 1 percent at $99.18.