Jefferies downgraded Apple Inc (AAPL.O) to Underperform from Hold and cut its price target to $263.66 from $285.56, implying roughly 16% downside to last Friday’s close. Analyst Edison Lee said Apple has cancelled a planned all‑glass 20th‑anniversary iPhone due to poor yields; the model was estimated to carry a blended ASP of $2,060 and Apple had planned to extend all‑glass features to future iPhone Pro/Pro Max models to lift ASPs and margins. Jefferies called the cancellation a major setback to

Jefferies downgraded Apple Inc (AAPL.O) to Underperform from Hold and cut its price target to $263.66 from $285.56, implying roughly 16% downside to last Friday’s close. Analyst Edison Lee said Apple has cancelled a planned all‑glass 20th‑anniversary iPhone due to poor yields; the model was estimated to carry a blended ASP of $2,060 and Apple had planned to extend all‑glass features to future iPhone Pro/Pro Max models to lift ASPs and margins. Jefferies called the cancellation a major setback to Apple’s push for higher‑priced iPhones amid surging memory costs, lowering its iPhone ASP CAGR for FY2026–31 to 6.8% from 9.0% and trimming FY2028 EPS by 2.1%.