Jefferies has downgraded the rating to Underperform, with the target price cut from $285.56 to $263.66.

Jefferies has downgraded its rating on Apple from Hold to Underperform, reducing the target price from $285.56 to $263.66, indicating a 16% downside potential for the stock price. The firm stated that supply chain research indicates that the all-glass version of the iPhone, originally set to launch in September 2027, has been canceled due to production yield issues. Following this setback and rising memory costs, Jefferies has also lowered its earnings per share forecasts for fiscal years 2028 and 2029.