Jefferies Cuts Apple to Underperform After All-Glass iPhone Cancellation Dents Premium Pricing Strategy

Jefferies downgraded Apple to Underperform from Hold on August 10, cutting its price target to $263.66, after supply chain checks by analyst Edison Lee indicated that a planned all-glass iPhone, internally targeted for a September 2027 launch, has been scrapped due to low manufacturing yields. Lee called the cancellation a major setback to Apple's effort to introduce higher-priced iPhones at a time when memory costs are soaring, noting that the original plan was to extend the all-glass design across future iPhone Pro models as a way to justify premium pricing. Apple shares fell roughly 1 percent on the news.

The downgrade adds to a growing list of sell-equivalent ratings on the stock, as Wall Street grows skeptical that Apple can meaningfully raise average selling prices without a hardware breakthrough to support it.