Jefferies Downgrades Apple as Anniversary iPhone Project Is Scrapped
Yahoo Finance ·
On August 10, 2026, Jefferies downgraded Apple Inc. (NASDAQ: AAPL) to underperform from hold, reducing its price target from $285.56 to $263.66. Analyst Edison Lee reported that supply chain checks indicate Apple canceled its planned all-glass 20th-anniversary iPhone, slated for September 2027, due to low production yields. Consequently, Jefferies trimmed its fiscal 2028 earnings estimate by 2.1%, sending the stock down roughly 1.3% to 1.5%. This decision comes amid rising component costs and a growing number of bearish Wall Street ratings, though Apple maintains strong brand loyalty and plans to launch a foldable iPhone next month.
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Investment bank Jefferies lowered Apple's target price from $285.56 to $263.66 and downgraded its investment rating to Underperform, citing the cancellation of the 20th anniversary all-glass iPhone launch and production yield issues. This news caused Apple's stock to fall by 1.3% to 1.5%, and combined with soaring memory prices, Wall Street skepticism regarding pricing power is spreading. Investors should closely monitor the success or failure of the upcoming foldable iPhone and the impact of supply chain cost pressures on future earnings.
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- Smartphones — Jefferies' cancellation of the 20th anniversary all-glass iPhone due to lower production yields and the downward revision of 2028 earnings forecasts by 2.1% deals a direct blow to Apple's hardware growth momentum.
- Semiconductors — Industry-wide surging memory component costs and supply chain constraints are increasing smartphone manufacturing costs, acting as a margin pressure factor for related companies including Apple.
DYAX 전담 분석
Jefferies' downgrade of Apple suggests that a lack of innovation and rising component costs may combine to lead to margin compression. In particular, the cancellation of the 20th anniversary all-glass model acts as a direct factor weakening the momentum for hardware price increases.
The bullish scenario is that the foldable iPhone drives new premium demand and justifies price hikes, while the bearish scenario is that sales plummet amid rising memory costs. Key indicators to watch include the initial sales volume of upcoming foldable phones and changes in hedge fund holding proportions.
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