03:31 PM EDT, 07/14/2026 (MT Newswires) -- Apple's ( AAPL ) fiscal 2027 financial results could take a hit largely amid expectations of slowing product unit growth in the light of price hikes, KeyBanc Capital Markets said in a note e-mailed Tuesday.

The technology giant recently increased prices for MacBooks and iPads amid surging memory and storage chip costs.

"With Apple ( AAPL ) raising prices for iPad and Mac, and broad expectations for price increases on iPhone, we think this will likely put the unit growth outlook in slowing/declining territory," KeyBanc analysts Brandon Nispel and John Vinh said in a note to clients. "We think (that) given the correlation of Apple ( AAPL ) users to services, as unit volumes slow, so will the growth in Apple's ( AAPL ) services business."

The brokerage cut its fiscal 2027 net earnings expectations for the company to $9.08 a share from $9.30 and its revenue outlook to $502.48 billion from $502.62 billion. Wall Street is looking for $9.65 and $518.79 billion, respectively, according to the note.

KeyBanc downgraded its rating on the Apple ( AAPL ) stock to underweight from sector weight, with a $250 price target.

The company's shares were down 0.5% in Tuesday late-afternoon trade. The stock has jumped 16% so far this year.

"We see US carriers pulling back on device subsidies, slowing upgrade rates, and international likely needing to carry more weight, which gets difficult in a rising price environment where we think consensus iPhone growth of 8% in (2027) is too aggressive," Nispel and Vinh said.

However, Apple's ( AAPL ) near-term numbers appear "fine," the analysts wrote.

"Consumers are generally savvy shoppers for these types of products, and we suspect some pull-in of demand in the (near term), though our concerns become the level of elasticity of demand given the broad range of price increases that Apple ( AAPL ) is pushing through the system to protect margins from higher costs," Nispel and Vinh wrote.

The company is scheduled to report third-quarter results July 30.

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