Apple Inc. (NASDAQ:AAPL) was downgraded by Barclays from an Overweight to Equalweight rating on Feb 20 and had maintained its price target at $570.

Apple Inc. (NASDAQ:AAPL) stock dipped to $531.40, decreasing 1.11 per cent, according to real-time-data published by NASDAQ OMX on Feb 21. The stock had previously closed at $537.37; today's high at $537, today's low at $529; 52-week high at $575.1358, 52-week low at $385.10.

Ben Reitzes, analyst at Barclays, said that Apple's iWatch and HDTV's were not going to be catalyst for the stock to overcome its unimpressive performance at present or over the next year or so. He said that these products were not "revolutionary" and will not boost Apple Inc.'s shares anytime soon.

"Frankly, we just couldn't quite bring ourselves to use smart watches or TVs as reasons to raise numbers - nor were we fully convinced that these products could move the needle like new categories did in the old days," Reitzes wrote on an investors' note on Thursday.

He advised investors to step aside from Apple Inc. (NASDAQ:AAPL).

"As a result, we believe it is time to step aside, given a maturing smartphone market. Eventually Apple could even see margin pressures as it adds advanced new features to new iPhones at similar price points later this year and into next (things like Sapphire glass, curved glass, new batteries, etc.)."

Reitzes was admittedly an iPhone user and very excited about Apple's product offerings in the future - mobile payments, geolocation and wearable devices. However, in an investor's point of view, he said that he did not believe that there can still be innovative products like the iPhone or iPad that Apple can come up in the future.

"We believe Apple's story is all about iPhones and "new categories" seem to be designed to make the iPhone more useful - but don't necessarily re-accelerate growth in the iPhone category to sustainable double-digit levels," the analyst said.

Reitzes also believed that valuation can no longer work for Apple Inc. (NASDAQ:AAPL) as what had happened to Microsoft (Nasdaq:MSFT) from 2000 to 2010.