Apple's iPhoneX might be a hit with customers, but it looks like analysts are not quite so convinced.

The tech firm has ben hit with its second downgrade in as many weeks as the iPhone cycle was described as only good, not great.

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Atlantic Equities has lowered the stock from an overweight to neutral rating n Monday following on from a similar cut to neutral by Longbow Research last week. And Nomura Instinet moved its recommendation from buy to neutral just before Christmas.

Analysts as Atlantic Equities said they saw a softening of demand for iPhones ahead and "limited visibility into the potential for future iPhone cycles and emerging challenges to the smartphone's dominance at the centre of consumer technology".

It also cited potential concern around the growth of voice-based devices. Amazon dominates with its Alexa-powered Echo range and the launch of Apple's own Homepod smart speaker missed the crucial holiday season and is still waiting for a launch date.

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The firm's forecasts for revenue for the next three quarters are now below consensus

But others on Wall Street are more confident. Bank of America Merrill Lynch analysts raised their target price to $220 last week and the stock, which is up nearly 50 per cent over the past year, has overwhelmingly more buy ratings.

Apple shares were flat in pre-market trading.