Jefferies downgrades Apple on anniversary iPhone concerns
Apple’s shares slipped 2.2% to $306.27.
Jefferies downgraded the stock to "underperform" from "hold" and cut its price target to $263.66 from $285.56, implying a 15.9% downside to the stock’s last close.
The brokerage’s supply-chain checks indicate Apple has canceled the 20th anniversary all-glass iPhone model, which was supposed to launch in September 2027, due to poor production yield.
Jefferies estimates the phone would have had a blended retail average selling price of $2,060; it now expects the foldable iPhone to be the only key driver of higher selling prices and margin.
The average rating of 47 analysts is "buy", and their median price target is $330, according to data compiled by LSEG.
Up to the last close, Apple had risen 15.3% year to date.
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