Technology may be the sole shining star in the otherwise depressed 2015, but tech giant Apple Inc. (AAPL) is probably not. So far this year (as of December 14, 2015), AAPL is up just 1.9%. In short, Apple shares are seeing the worst year since recession.

Though the company beat earnings and revenue estimates in fourth-quarter fiscal 2015 driven by surging sales in China despite economic slowdown in the country (notably, China is the largest market for Apple’s future expansion), the latest concerns over declining smartphones sales held the stock back from being the technology star.

Its shares were down over 4.9% in the last five days (as of December 14, 2015) against about 2.3% losses in the S&P 500-based (SPY – ETF report) and 2.1% loss in the tech-laden Nasdaq-based ETF (QQQ – ETF report).

As per CNBC, Apple shares plunged over 50% in 2008 but never looked back since then as it kept returning at least 5% each year afterward. However, the current year might snap this wining trend (read: Apple Fails to Impress: Should You Still Buy its ETFs?).

The latest blow to Apple came following a few price target cuts. Morgan Stanley reduced its outlook for Apple smartphone sales and projected a 6% decline in smartphone shipments for the current fiscal year as the market is grown-up. Since Apple derives over 65% of sales from iPhone, any sales slowdown will definitely leave an ugly scar on Apple.

Apple iPad growth has decelerated a long way thanks to rising competition from other markets. New products including Apple Pay and Apple Watch are yet to pick up.  Morgan Stanley slashed its price target on Apple to $143 per share from $162 while Barclays lowered its target to $150 per share from $155 despite remaining overweight on the stock, per the source.

In the last 60 days, 6 out of 14 analysts lowered Apple’s earnings estimate for the second quarter of fiscal 2016 while four analysts upped the same. Per Morgan Stanley, apprehension over a smartphone sales slowdown that too at the peak of the holiday shopping season is a huge concern for the stock. Notably, Apple investors pin their hopes on the holiday season for strong gadget sales (read: 3 Apple-Focused Tech ETFs to Bet on for the Holiday Season).

The news agency also went on to elaborate that about $123 billion in market value has been wiped out of Apple since its shares reached the 52-week high of $134.54 on April 28, 2015. As of December 14, 2015, Apple was valued at about $627.11 billion. The current market price is 22.3% higher than the 52-week low and 16.4% lower than the 52-week high.
Needless to say, Apple failed cash in on the general buoyancy in the technology sector this year.

The Nasdaq-based ETF is up over 8.1% (as of December 11, 2015), way above Apple’s meager gains. Several of its competitors have surged by sturdy double-digits so far this year.
 
More Pain Ahead?