Jefferies Downgrades Apple to Underperform, $264 PT

Jefferies analyst Edison Lee downgraded Apple (NASDAQ: AAPL) from Hold to Underperform, with a $264 price target (from $286).

“Our supply chain checks suggest that the all-glass iPhone (Sep 27) has been canceled due to low yield.

We view this as a major setback to efforts to bring in higher-priced iPhones amid soaring memory costs. We cut our FY28E/29E EPS by 2.1%/3.4%, and our 8% lower DCF-based PT implies 16% downside.

AAPL just raised trade-in value for iPhone by 5%/~2% in the US/ Europe, potentially driving more pulled-in demand for iPhone 17 but more pressure on iPhone 18 sales.”

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