Deutsche Bank maintained a Hold rating on Apple (NASDAQ: AAPL) and lowered its to $105.00 (from $125.00). Analyst Sherri Scribner said slowing smartphone growth, weaker China and GM headwinds limit upside.

"We expect C4Q-15 iPhone units to come in roughly in line with our 75.6M, however recent negative checks and supply chain datapoints suggest build plans for C1Q-16 and C2Q-16 are being cut and we have lowered our iPhone estimates for the remainder of FY-16. Given slowing smartphone growth, Apple’s declining market share, weakness in China and GM pressure, we see limited sales and profit growth for Apple in FY-16. Driven by our iPhone cuts, we are lowering out estimates and PT to $105 from $125. Given limited growth and catalysts, we see shares as range bound and maintain our Hold," said the analyst.

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Shares of Apple closed at $96.96 yesterday.