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Jefferies Downgrades Apple After All-Glass iPhone Cancelled

8/11/2026

50 9 Full Breakdown

Summary

Edison Lee Downgrades Apple

Jefferies analyst Edison Lee downgraded Apple Inc. to Underperform because the all-glass iPhone project was cancelled.
Lee cut his price target to $263.66 from $285.56.
Apple shares fell 1.2% in pre-market trading after the note.
He said poor yield forced cancellation of a design slated for a September 2027 launch marking the iPhone’s 20th anniversary and estimated a blended price of $2,060, higher than any prior iPhone.

Summary

Apple Tests CXMT

Apple has begun testing memory chips from China’s CXMT to hedge against soaring DRAM costs.
The move could provoke objections from the White House because of heightened scrutiny of Chinese semiconductor imports.
Tim Cook warned that memory pricing resembles a “hundred-year flood,” pressuring margins across product lines.
John Ternus, now CEO, leads a rebuilt design team that aims to launch a foldable iPhone.

History

Historical Context

In March 2018 the United States imposed a 25 % tariff on Chinese electronic components, leading Apple under Tim Cook to shift chip buying to Samsung and TSMC. By August 2019 average U.S. tariffs on Chinese goods hit 24.3 %, spurring many firms to move production out of China. John Ternus’s cancellation of the all-glass iPhone and testing of CXMT memory chips continues that trade-war-driven realignment.

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Edison Lee Downgrades Apple

Jefferies analyst Edison Lee downgraded Apple Inc. to Underperform because the all-glass iPhone project was cancelled.
Lee cut his price target to $263.66 from $285.56.
Apple shares fell 1.2% in pre-market trading after the note.
He said poor yield forced cancellation of a design slated for a September 2027 launch marking the iPhone’s 20th anniversary and estimated a blended price of $2,060, higher than any prior iPhone.

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