7/10/2024, 8:07:03 pm

Apple Stock Gets Jefferies Downgrade as iPhone Expectations Deemed Too High

Apple (AAPL) shares lost ground Monday after Jefferies downgraded the stock, arguing that the anticipated sales of iPhones are too high. The bank cut Apple's rating to "hold" from "buy," although it raised its price target to $212.92 from $205.00. The analysts wrote in a note to clients that "smartphone hardware needs rework before being capable of serious AI, with likely timeline of 2026/27."