Investors have seen the bull market get slaughtered during April of 2025. It’s all about trade wars, tariffs, China restrictions, a slowing economy, political infighting in Washington, D.C., interest rates, deficit spending, ditching U.S. securities and a whole slew of other factors. The world’s largest technology companies could do no wrong in 2024 and some achieved $3 trillion market capitalizations. Zoom into 2025, and now these tech giants have been far from immune to the stock market carnage.

Tactical Bulls has seen the switch in April where analysts stopped endlessly raising their price targets. Now the analysts on Wall Street are slashing price targets left and right, as well as revenue/earnings expectations, but they are still almost unilaterally maintaining positive ratings like Buy/Outperform/Overweight. This is what some of us refer to as “Downgrade-Lite” analyst calls. The analysts don’t have to lose face, nor do they have to put customers into a forced-loss situation by issuing formal downgrades. That said, the new and expected upside is far less than what it used to be.

The top four companies by market capitalization are Apple, Microsoft, NVIDIA and Amazon. These keep rotating placement but there is a common theme here — each of these companies have lost about $1 trillion (or more!) in market cap over the market malaise in 2025.

This is being presented without commentary and has been formatted alphabetically by stock and then by date for each analyst call. While there are some formal analyst downgrades shown, the reality is that the “Downgrade-Lite” calls are by and large dominating ahead of earnings reports. How that looks after earnings remains to be seen.

Please note that Tactical Bulls does not maintain any formal ratings or price targets of its own on these stocks. All ratings and price targets issued herein are from the firms issuing them. They are not the opinions of Tactical Bulls.

AMAZON DOWN THE RIVER…

These are all of the price target cuts tracked so far on Amazon.com Inc. (NASDAQ: AMZN) for the month of April and end of March:

• 4/23 Target cut to $248 from $275 at Stifel (Maintained Buy)
• 4/23 Target cut to $235 from $275 at Telsey Advisory (Maintained as Outperform)
• 4/22 Target cut to $220 from $255 at Goldman Sachs (Maintained Buy)
• 4/21 Target cut to $250 from $305 at Scotia (Maintained Sector Outperform)
• 4/21 Downgraded to Outperform from Strong Buy and its price target was cut to $195 from $275 at Raymond James
• 4/16 Target cut to $230 from $270 Cantor Fitzgerald (Maintained Overweight)
• 4/14 Target cut to $225 from $273 at Citigroup (Maintained Buy)
• 4/14 Target cut to $230 from $280 at D.A. Davidson (Maintained Buy)
• 4/14 Target cut to $245 from $280 at Morgan Stanley (Maintained Overweight)
• 4/14 Target cut to $240 from $285 at JMP Securities (Maintained as Market Outperform)
• 4/10 Target cut to $230 from $265 at Truist Securities (Maintained Buy)
• 4/09 Target cut to $255 from $285 at Mizuho (Maintained Outperform)
• 4/09 Target cut to $225 from $257 at BofA Securities (Maintained Buy)
• 4/08 Target cut to $220 from 270 at J.P. Morgan (Maintained Overweight)
• 3/31 Target cut to $250 from $275 at Jefferies (Maintained Buy)

ALSO READ: WALL STREET LOVES THESE STOCKS, TARIFFS OR NOT

APPLE FACES SEVERE TARIFF/TRADE ISSUES…

These are all of the Apple Inc. (NASDAQ: AAPL) price target cuts tracked so far for the month of April:

• 4/24 Target cut to $240 from $250 at BofA Securities (Maintained Buy), after it had cut its target to $250 from $265 and maintained its Buy rating on 4/03
• 4/23 Target cut to $256 from $259 at Goldman Sachs (Maintained Buy)
• 4/23 Target cut to $210 from $236 at UBS (Maintained Neutral)
• 4/14 Target cut to $245 from $275 at Citigroup (Maintained Buy)
• 4/14 Target cut to $230 from $290 at D.A. Davidson (Maintained Buy)
• 4/14 Target cut to $245 from $270 at J.P. Morgan (Maintained Overweight)
• 4/09 Target cut to $167.88 from $202.33 at Jefferies, although rating raised to Hold from Underperform
• 4/08 Target cut to $170 from $200.00 at KeyBanc Capital Markets (Reiterated Underweight)
• 4/07 Target cut to $250 from $235 at Wedbush Securities (Maintained Outperform)

MICROSOFT HAS LITTLE/NO CHINA, BUT…

These are all of the Microsoft Corporation (NASDAQ: NVDA) price target cuts tracked so far for the month of April and the last day of March:

• 4/23 Target cut to $435 from $520.00 at Piper Sandler (Maintained Overweight)
• 4/21 Target cut to $430 from $475 at Barclays (Maintained Overweight)
• 4/17 Downgraded to Sector Weight from Overweight at KeyBanc Capital Markets.
• 4/16 Target cut to $470 from $490 at BMO Capital Markets (Maintained Outperform)
• 4/15 Target cut to $480 from $510 at BofA Securities (Maintained Buy)
• 4/14 Target cut to $480 from $510 at UBS (Maintained Buy)
• 4/14 Target cut to $500 from $515 at Wells Fargo (Maintained Overweight)
• 4/10 Target cut to $475 from $550 at Wedbush Securities (Maintained Outperform)
• 4/07 Target cut to $475 from $500.00 at Jefferies (Maintained Buy), after its target was cut to $500 from $550 on 3/31

NVIDIA FACES CHINE/TRADE WOES AND A.I. FATIGUE

These are all of the NVIDIA Corporation (NASDAQ: NVDA) price target cuts tracked so far for the month of April:

• 4/22 Target cut to $155 from $175.00 at Barclays (Maintained Overweight)
• 4/17 Target cut to $180 from $185.00 at UBS (Maintained Buy)
• 4/16 Target cut to $200 from $220 at Rosenblatt (Maintained Buy)
• 4/16 Target cut to $150 from $170 at Raymond James (Maintained Strong Buy)
• 4/16 Target cut to $150 from $175 at Piper Sandler (Maintained Overweight)
• 4/16 Target cut to $160 from $200 at BofA Securities (Maintained Buy)
• 4/14 Target cut to $120 from $125 at D.A. Davidson (Maintained Buy)
• 4/11 Target cut to $150 from $163 at Citigroup (Maintained Buy)
• 4/09 Target cut to $140 from $175.00 at T.D. Cowen (Maintained Buy)