Jefferies downgrades Apple on concerns over cancellation of all-glass 20th-anniversary iPhone

JEF -1.92%

1. 1Jefferies downgraded Apple (AAPL) from Hold to Underperform, and the stock fell more than 2% in Monday's premarket trading
2. 2Supply-chain checks indicate the all-glass model, slated for September 2027, has been canceled due to yield issues, and the price target was cut from $285.56 to $263.66
3. 3Jefferies called it a major setback for Apple's high-end iPhone rollout, while Gene Munster expects the next 12 months to be strong

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