Apple Inc. is likely to struggle amid signs of weak demand for its iPhones in China and other emerging markets, according to Goldman Sachs, which cut its price target for the third time this month.

The target was lowered to $182 from $209, less than a week after analyst Rod Hall had cut his target from $222. He has a neutral rating on the stock.

“In addition to weakness in demand for Apple’s products in China and other emerging markets it also looks like the balance of price and features in the iPhone XR may not have been well-received by users outside of the US,” Hall wrote in a note to clients.

The latest target reduction was done in part “to reflect current price movement,” he said.

Shares of Apple (AAPL) have dropped almost 20 percent from an early-October record, including a 4 percent drop on Monday, when they closed at their lowest level since July. The stock fell an additional 2.8 percent in pre-market trading Tuesday, threatening to push Wall Street’s biggest stock into bear-market territory.

Recent weakness has been spurred by growing concerns over iPhone demand. A number of Apple suppliers have recently cut their forecasts, and on Monday the Wall Street Journal reported that Apple had cut production orders for all three of the iPhone models that it unveiled in September.

Goldman sees “material risk to March quarter guidance if current demand trends continue to play out,” Hall wrote.