Apple stock tends to react every time the company holds an event, so analysts are considering the possibilities for next week during and after the Worldwide Developers Conference, which kicks off on Tuesday. The iPhone maker’s shares have fallen back below $100, and if history is any indication, next week could bring more pain for investors. Apple stock usually declines during WWDC, warn Goldman Sachs analysts.

Apple Inc. Stock: WWDC Is Usually Unkind, Plus One Firm Slashes PT

Meanwhile, another firm has slashed its price target for Apple stock, although the firm’s analysts still consider it to be a “gold stock.”

Apple stock to be supported by the iPhone 7

In a report dated June 6, Goldman Sachs analyst Simona Jankowski and team noted that last week, they cut their estimates for Apple but maintained their Buy rating and continue to believe that the iPhone 7 will give the company a boost. A recent survey of U.S. consumers suggested that there is pent-up demand within the installed base, although investors remain concerned that this year’s iPhone cycle will be just as bad as last year’s.

Jankowski and team also provided a list of their expectations for WWDC, which begins on June 13. They note that usually the event focuses on software, and this year’s WWDC is expected to be especially software-focused. The Goldman team noted that while software is very important to the company’s ecosystem and differentiation, announcements about it are not particularly good for Apple stock. In fact, WWDC has been quite unkind to the shares over the last five years:

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What to expect at WWDC

The analysts see the unveiling of iOS 10 and MacOS as being “Almost Certain,” as Apple usually announces updates to the two operating systems at WWDC every year. MacOS is expected to be the new name of OS X to make it consistent with Apple’s other operating system names: iOS, watchOS and tvOS. They expect Siri integration to be the big addition to MacOS this year. Additionally, they also expect watchOS 3.0 and a Siri software development kit for third-party apps, which has widely been reported to be on the agenda.

In the “Likely” category, they list tvOS 10.0, an update to Apple Music, web browser support for Apple Pay, improvements to the Photos app, and a standalone HomeKit app. They list a Siri speaker, Apple Watch 2 with cellular connectivity, Retina MacBook Pro, MacBook Air, Mac Pro, and/ or Mac Mini refreshes, and original Apple TV programming in the “Possible but unlikely category.”

The Goldman team expects the reaction of Apple stock to be neutral if WWDC’s announcement match those in their “Almost Certain” or “Likely” categories. If too many of these expectations are missing, they expect a negative reaction, and if some of the “Possible” items are unveiled, especially a “compelling Siri speaker with HomeKit integration,” they expect Apple stock to react positively. Other announcements that could be a positive catalyst for the stock include a VR/ AR headset, but they don’t expect this even though they believe the iPhone maker is working on one.

Here’s a look at what the company has unveiled at WWDC in the last five years:

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Apple stock price target cut by Crisp Idea

In other news related to Apple stock, Crisp Idea analysts slashed their price target from $185 to $138 for fiscal 2017. They said a lower multiple of 17 times, compared to their previous multiple of 18, is warranted because of the potential for a slowdown in growth. However, they still see Apple as a “gold stock considering its valuable technology platform and sales of over one billion devices.”

Additionally, they like the efforts the iPhone maker has been putting forth in expanding its platform into categories like healthcare, automotive, and the home. They also note that the company has been expanding in international markets, particularly emerging markets like India, China and Brazil.

Apple shares edged higher by as much as 10.08% to $98.97 during regular trading hours on Monday.