Earlier today, CNBC took a closer look at Apple Inc. (NASDAQ:AAPL)’s downgrade to neutral at Robert W. Baird.

So, who was the analyst behind the Apple Inc. (NASDAQ:AAPL) downgrade? That would be Will Power, senior analyst with Robert W. Baird.

Apple Inc. (NASDAQ:AAPL) Press Info

When the interview gets underway, Power is asked if he feels “behind the curve?” Here is how he kicked things off:

“In all fairness, it is a bit painful. We have been defending the stock like many others on the way down here, on valuation, long term opportunity etc. You know, all of that said, we assessed the numbers and looked at consensus estimates and our real concern is that there is still downside to estimates and I think it is going to be tough for the stock to outperform in that environment over the next several months.”

After explaining why the downgrade was necessary and what he sees happening to Apple Inc. (NASDAQ:AAPL) shares over the next several months, the host follows up with a question prompting Power to talk about his main concerns:

“I think you are right. I think part of what we are trying to do here, Carl, is separate the stock from the company. I think as you look over the next two to three months, really the next several quarters, you’ve got further downside risk to estimates. You know, for the full year we’re close to $41 in earnings and the street is at $45. Even the March quarter, consensus is estimates are at the high end and our biggest concern is probably the June quarter.”

He then added the following about Apple Inc. (NASDAQ:AAPL):