Jefferies Downgrades Apple Stock to Sell Over Canceled Glass iPhone

3-line summary

• Jefferies downgraded Apple to underperform from hold, with analyst Edison Lee citing supply-chain checks suggesting Apple canceled its planned all-glass iPhone due to low production yield, according to CNBC.
• Lee cut his price target to $263.66 from $285.56, implying about 16% downside, and lowered his fiscal-2028 EPS forecast by 2.1%; Apple shares closed down 1.5% on Monday.
• Lee pointed to Apple's forthcoming foldable iPhone, expected in September 2026, as the main remaining lever to lift average selling prices, though rising memory costs could push its price above $2,000.

This summary is our own processing of the source article; see the source link below for full context.