EDITOR’S NOTE: Edited to reflect the correct rating change.

Apple Inc. (NASDAQ:AAPL) stock was recently downgraded by analysts at Raymond James.

Raymond James analysts chose to downgrade the stock to a “Market Perform” rating from an “Outperform” rating. The firm cited concern over the Apple Watch for the reason it decided to downgrade the company’s stock.

It believes that the first version of the smartwatch could fall short of expectations, reports TheStreet.com.

Analysts for Raymond James also mentioned that some of their concerns came from recent reviews of the device. They said that “muted reviews” could hurt it in the eyes of investors. Pre-orders for the Apple Watch start today, and it will be shipped on April 24.

Another sign that the Apple Watch may be heading for trouble is the number of people showing up to preorder the device. So far, not many people have been rushing to pre-order it. This means the turnout of customers on its release date may also be lacking.

AAPL shares were largely unaffected by the downgrade as of noon Friday.

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