Jefferies downgraded Apple from hold to sell-equivalent and cut its price target to $263.66 per share from $285.56, implying nearly 16% downside from Friday’s close. Analyst Edison Lee cited the cancellation of the all-glass iPhone model for the 20th anniversary, with an estimated average selling price of $2,060 due to production challenges. Apple nonetheless plans to launch the iPhone 18 series in September alongside a highly anticipated foldable iPhone, and has raised U.S. trade-in values by 5%. The publication advises investors to ignore the downgrade, noting that Jefferies has changed its ratings six times in 2025 and that the stock remains up more than 30% over the past twelve months.
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