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Analyst Edison Lee cut his price target to $263.66, suggesting roughly 16% downside from Apple's most recent close
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Jefferies downgraded Apple $AAPL stock to underperform from hold on Monday, with analyst Edison Lee citing supply chain checks that suggest the company has canceled its planned all-glass iPhone due to low production yield, according to CNBC.
The new price target of $263.66 represents a reduction from Lee's prior target of $285.56, pointing to potential losses of around 16% from where Apple shares last traded. "The all-glass iPhone (Sep 27) has been canceled due to low yield," Lee wrote in a note to clients. "We view this as a major setback to efforts to bring in higher-priced iPhones amid soaring memory costs."
