Apple’s earnings estimates and price targets continue to slide as Wall Street is cautious ahead of the company’s June quarter report due on July 28.

Investors are scrambling to see how the June quarter results – and the September quarter outlook – will be affected by strong currency headwinds, the progress of China’s economic recovery from the recent extended Covid-related shutdown, and signs of a slowdown in consumer spending.

In the latest additions to a series of Wall Street Notes on the upcoming quarter, both Morgan Stanley analyst Cathy Huberty and Wells Fargo analyst Aaron Reikers cut their price targets for Apple stock (ticker: AAPL), though both maintain their Overweight ratings on the stock. Huberty, who has long been one of Apple’s most influential analysts, says she likes the stock as an option to “flight to quality” in the face of an economic downturn, but adds, “We’re not putting profits on the table.”