Dec. 15 (Bloomberg) -- Apple Inc., the maker of iPods and Macintosh computers, was downgraded to “neutral” from “buy” at Goldman, Sachs & Co. on concern that consumer spending is slowing.

Apple fell 3.6 percent in Nasdaq trading after Goldman Sachs analyst David Bailey lowered his 12-month share-price estimate yesterday to $115 from $125 and cut his calendar year 2009 profit estimate to $4.75 a share from $5.13.

Shipments of MacBooks, iPod Nanos and iPhones were “slightly” lower than anticipated in the quarter ending this month, and consumers may continue to rein in spending in the first half of next year, Bailey said. Apple probably won’t introduce a new category of products at the annual Macworld conference next month, limiting gains in the shares, he said.

“Apple should face a tougher environment in the March and June quarters as consumer demand takes another leg down,” New York-based Bailey wrote in a note.

Apple, based in Cupertino, California, fell $3.52 to $94.75 at 4 p.m. New York time in Nasdaq Stock Market trading. The shares have lost 52 percent this year.

U.S. retail sales fell for a record fifth consecutive month in November as consumers curbed purchases amid the loss of almost 1.3 million jobs since August and record declines in home values.

Apple is also at risk if sales of the iPhone fall short of estimates in the first half, Bailey said. In October, the company reached a goal of selling 10 million iPhones three months ahead of schedule.

To contact the reporters on this story: Juho Erkheikki in Helsinki at jerkheikki@bloomberg.net; Roger Neill in London at rneill3@bloomberg.net

Last Updated: December 15, 2008 16:18 EST