What's In Store For Apple In 2016

On Tuesday, investment firm Cowen & Co

its view on

, trimming its 12-month price target from $135 to $130. The downgrade came after several other firms similarly lowered their price targets over the past week, citing lackluster iPhone sales. The deteriorating sentiment has brought Apple shares down more than 5 percent over the past week, and the firm's stock is about to post its worst month in almost two years come the end of December.

Apple has been a market darling for years by posting impressive growth and delivering shareholder value. The company itself has a great deal of cash in the bank and a strong balance sheet, making it an appealing buy for value investors. However, many analysts are expecting that the company's fiscal year, which ends in September, will be the first in which iPhone sales fell from the previous year. That has caused some to

that Apple shares could see a marked drop, possibly to as low as $90, in the coming year.

Despite the gloom and doom surrounding iPhone sales, many are still optimistic about Apple's prospects in the coming year. The firm has consistently delivered earnings per share growth and expanded its profit margins from year to year, supporters say these metrics will outweigh the weaknesses the firm is experiencing. Apple is also planning to roll out some big things in the coming year, including a TV subscription service that many believe could rival the likes of

and

.