Apple Inc (NASDAQ:AAPL, XETRA:APC) shares fell about 2% on Monday after Jefferies downgraded the stock to Underperform, citing challenges in Apple's efforts to develop higher-priced iPhone models and lift average selling prices. Along with the rating downgrade, Jefferies lowered its price target to $263.66 from $285.56, implying downside from current levels of about $306.
As Apple Inc. (NASDAQ: AAPL) stock dropped more than 10% from its all-time high (ATH) over the past three weeks, Edison Lee, the Head of China Technology, Telcom, and Software Equity Research at Jefferies Financial Group Inc. (NYSE: JEF), lowered the firm's 12-month price target.
Apple AAPL shares declined about 2% on Monday after Jefferies downgraded the stock, citing concerns that the company's rumored all-glass iPhone project has been scrapped, raising fresh questions about its ability to drive higher-priced device sales amid rising component costs. Jefferies analyst Edison Lee lowered his rating on Apple to Underperform from Hold and reduced his price target to $263.66 from $285.56, making it one of the lowest targets on Wall Street.
A Jefferies analyst says that it may be harder than it looks for Apple to roll out dramatically more expensive devices in a bid to boost profitability.
Jefferies analyst Edison Lee believes Apple has scrapped its all-glass iPhone, citing supply chain checks.
Technology giant Apple (NASDAQ: AAPL) will pay its next quarterly dividend on August 13, 2026, distributing $0.27 per share to eligible shareholders.
Apple held early talks with CXMT, which is China's largest chipmaker by market value, about supplying components with the goal of using them in some devices sold in China, the report said, citing people familiar with the matter.
Apple has been testing memory chips from China's CXMT across product lines including iPhones and MacBooks, to mitigate a component shortage fueled by the AI boom, the Wall Street Journal reported on Sunday.
The iPhone maker has held early talks with China's CXMT, but any deal would be politically sensitive.
A legal battle between Apple and OpenAI over the ChatGPT maker's secretive device project escalated this week when the artificial intelligence (AI) developer called the iPhone maker's allegations "baseless" and asked for the lawsuit to be dismissed.
The question deserves a direct answer: Apple is a great business, but a $400 price level by December is not what our model sees.
At $312.41, Apple (NASDAQ:AAPL | AAPL Price Prediction) is a Hold.