$AAPL

$AAPL : downgraded to Underperform by Jefferies; PT cut to $263.66 from $285.56

Jefferies downgraded Apple to Underperform from Hold and cut its price target to $263.66 from $285.56, implying 16% downside.

The firm says supply-chain checks indicate Apple’s all-glass iPhone planned for September 2027 has been canceled due to production yield issues.

Jefferies also cut FY2028 and FY2029 EPS estimates, citing the setback and rising memory costs.

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