Jefferies downgraded Apple from hold to underperform and lowered its price target to $263.66 from $285.56, implying nearly 16% downside. The firm cited the cancellation of the all-glass iPhone, planned for the product’s 20th anniversary, due to low yield according to supply chain checks. This cancellation represents a major setback to Apple’s strategy of raising average selling prices on Pro and Pro Max models. The first foldable iPhone, expected in September 2026, could be the only near-term driver of higher margins, but its starting price may exceed $2,000 due to surging memory costs linked to artificial intelligence. Apple shares fell more than 1% in pre-market trading, though the stock remains up 15% year to date.
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