Jefferies Downgrades Apple, Sees 16% Downside After 2027 All-Glass iPhone Cancellation
Updated
Updated · Yahoo Finance · Aug 21
Jefferies Downgrades Apple, Sees 16% Downside After 2027 All-Glass iPhone Cancellation
3 articles · Updated · Yahoo Finance · Aug 21
Summary
$263.66 is Jefferies' new Apple price target, down from $285.56, after it cut the stock to underperform and said the call implies about 16% downside from Friday's $313.33 close.
Poor production yields led Apple to cancel its planned all-glass 20th-anniversary iPhone, which had been expected in September 2027, prompting Jefferies to trim its fiscal 2028 earnings forecast by 2.1%.
Apple shares fell about 1.3% to 1.5% on the report, which adds to skepticism already fueled by component shortages and rising memory costs across the smartphone industry.
Six analysts now carry sell-equivalent ratings on Apple — tying the highest count since 2012 — even though the stock is still up more than 15% this year and 30 of 47 analysts remain buy or strong buy.