The investment firm sees shares of Apple falling 17% from here.
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The bank reiterated its overweight rating on the tech giant and raised its price target for the stock.
D.A. Davidson maintained its $250 price target on Apple, implying a 10% upside from the iPhone maker's Wednesday close.
Analysts are optimistic Apple can become a stronger growth story, even though many hoped that it would increase iPhone prices…
This comes as Apple deals with a series of headwinds that's weighed on the iPhone maker's shares.
Shares have pulled back more than 7% in 2025.
Raymond James also pointed to Apple's existing broad user base, which could make incremental gains more difficult to attain.
