Apple Inc’s (AAPL.O) market capitalization slipped below $2 trillion on the first trading of 2023 as its stock fell nearly 4% following a rating downgrade due to production disruption in China.

Apple was the first company to hit $3 trillion in market value on Jan. 3 last year.

Exane BNP Paribas analyst Jerome Ramel downgraded Apple to “neutral” from “outperform” with a price target cut to $140 from $180, according to a report by thefly.com.

The iPhone maker’s shares were down about 4% at $124.65.