Apple (AAPL) Stock Downgraded to Sell as Jefferies Cuts Target on All-Glass iPhone Cancellation
TLDR
- Jefferies cut Apple to Underperform (Sell) with a new price target of $263.66, down from $285.56
- Supply chain checks suggest Apple cancelled its planned all-glass iPhone due to low production yield
- The scrapped device was expected to launch in September 2027 with a blended retail price of $2,060
- Jefferies lowered its iPhone ASP growth forecast from 9.0% to 6.8% for fiscal 2026-2031
- Apple stock fell around 1.9% on Monday following the downgrade
Apple (AAPL) stock dropped roughly 1.9% on Monday after Jefferies downgraded the stock to Underperform from Hold, cutting its price target to $263.66 from $285.56. That new target implies about 16% downside from Friday’s close and sits among the lowest on Wall Street.
The downgrade centers on one core concern: Jefferies analyst Edison Lee believes Apple has quietly cancelled its planned all-glass iPhone.
The project had been in development since at least 2025 and was expected to debut in September 2027, timed to mark the iPhone’s 20th anniversary. Jefferies estimated that device would have carried a blended retail price of around $2,060.
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