Tim Cook, chief executive officer of Apple Inc. Marlene Awaad | Bloomberg | Getty Images

Weaker demand for Apple products as well as a lackluster reception for the iPhone XR outside the United States will prevent shares from advancing over the next year, according to Goldman Sachs. "In addition to weakness in demand for Apple's products in China and other emerging markets it also looks like the balance of price and features in the iPhone XR may not have been well-received," Goldman analyst Rod Hall said in a note Tuesday. "Our estimates remain at the lower end of Apple's guidance range at this point as we believe the company likely included this more negative scenario in its provided range," Hall said.

Apple's stock fell 3 percent in early trading Tuesday following the analyst's note. Goldman Sachs reiterated its neutral rating on Apple shares and cut its price target to $182, down from $209. That implies 2 percent downside over the next year. Shares of Apple fell back into a bear market on Monday as growing concerns surrounding iPhone production weighed on the stock. Apple shares have fallen more than 20 percent from its 52-week high of $233.47, losing about $276 billion in market cap as its stock slid to $179.32 Tuesday morning. For perspective, that's about the same market value of all of Walmart. The company is still the most valuable publicly traded company in the world, worth about $850 billion. "While it now seems that Apple may have miscalculated on the price/feature balance for the XR, we also believe that severe Chinese demand weakness in late summer and a stronger U.S. dollar were unexpected headwinds for the company that were difficult to predict," Hall wrote.