He also lowered his price target by $6 to $120, implying just 3.9% upside from Tuesday's close.
Analyst Shaun Kelley has a $40 price target on shares, implying shares could gain 11.4% from Tuesday's close.
Rivian shares jumped more than 7% after the company increased its production forecast for the full year by 2,000 units to 54,000.
Datadog shares have produced zero return over the past three years, Murphy noted, with shares down 9% since Oct. 15, 2020.
UBS has a neutral rating on Apple and a price target of $190 per share, which implies upside of 4.5%.
Persons:
Cowen downgrades Estee, TD Cowen, Estee Lauder, Oliver Chen, Chen, — Hakyung Kim, Shaun Kelley, Kelley, Goldman, Goldman Sachs, Neil Mehta, Mehta, There's, Colin Langan, Langan, Piper Sandler, Alexander Potter, Potter, Rivian, Mark Delaney, Morgan Stanley, Jonas, Mark Murphy, Murphy, David Vogt, Vogt, Fred Imbert
Organizations:
CNBC, Tech, UBS, JPMorgan, Revenue, Asia, Bank of America, Industry, Mehta ., Wall Street, Rivian, pullbacks, Pro, Pro Max, Apple
Locations:
China, Asia Pacific, Europe, Middle East, Africa, Tuesday's, U.S