Jefferies Cuts Apple Target and Rating Amid Device Setback
Yahoo Finance ·
Investment firm Jefferies has downgraded Apple (NASDAQ:AAPL) to Underperform from Hold while slashing its price target to $263.66 from $285.56, suggesting an approximate 18% downside. Analyst Edison Lee pointed to supply-chain findings that Apple has scrapped a rumored all-glass iPhone slated for 2027 due to low manufacturing yields, which serves as a significant hurdle to the company's premiumization efforts. Apple has never officially confirmed the device or its cancellation. Concurrently, Jefferies reduced its fiscal 2028 and 2029 earnings-per-share estimates by 2.1% and 3.4%, respectively. This bearish outlook follows a strong fiscal Q3 where total revenue jumped 16% to $109.4 billion, iPhone revenue climbed 22% to $54.25 billion, and EPS surged 29% to $2.02, driven heavily by Pro model sales. However, rising memory expenses and potential demand pulls from increased trade-in incentives—up roughly 5% in the U.S. and 2% in Europe—pose ongoing margin risks.
AI 시장 분석
Jefferies lowered Apple's price target from $285.56 to $263.66 and downgraded its rating to Underperform. This is because the all-glass iPhone design, originally scheduled for release in 2027, was canceled due to manufacturing yield issues, disrupting the premiumization strategy. Combined with rising component costs such as memory, this is expected to weigh on future profitability. Investors should closely monitor future Pro model sales proportions and iPhone gross margin trends.
하락 영향
- Apple — The cancellation of the all-glass iPhone project combined with rising component costs such as memory disrupts the premium strategy, leading Jefferies to lower its price target to $263.66.
DYAX 전담 분석
According to Jefferies' analysis, the cancellation of Apple's 2027 all-glass iPhone development limits margin expansion through high-end product sales. Although Q3 fiscal year iPhone revenue showed solid momentum, increasing 22% to $54.25 billion, combined with increased memory costs, future EPS estimates were revised downward by 2.1% for 2028 and 3.4% for 2029.
In the bullish scenario, strong demand for Pro models can support the average selling price (ASP) and offset cost pressures. Conversely, in the bearish scenario, rising component costs and the absence of high-end models could overlap to materialize margin damage and increase downward pressure on the stock price, making future memory price trends and product roadmap changes key indicators.
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