Jefferies today became the latest firm to cut Apple’s stock price target in recent days, citing supply chain checks that suggest Apple has scrapped plans for a rumored all-glass iPhone expected to mark the device’s 20th anniversary next year. Here are the details.

Jefferies turns bearish on AAPL

Last week, after Apple released the company’s fiscal Q3 2026 report, alongside its guidance for Q4, several investment banks adjusted their price target for the company’s stock:

JP Morgan adjusted it from $345 to $340

Morgan Stanley adjusted it from $364 to $360

Goldman Sachs adjusted it from $370 to $360

As spotted by AppleInsider, analyst firm Jefferies has now cut the stock’s target from $285.56 to $263.66, after cutting it from $308.92 in the aftermath of Apple’s results.

Additionally, the firm has downgraded the company’s stock to “Underperform,” after maintaining a “Neutral” rating on July 31.

The reason for today’s cut and downgrade, according to the firm, was its belief that Apple has canceled the rumored all-glass iPhone due to poor production yields.

Apple has long been rumored to be planning an all-glass iPhone for the device’s 20th anniversary in 2027. Jefferies originally believed that the design would eventually trickle down to other models, including the iPhone Pro and iPhone Pro Max, helping Apple raise average selling prices and margins.

However, Jefferies analyst Edison Lee said today that, based on the firm’s supply chain checks, the all-glass iPhone has been canceled due to poor production yields. Lee described the development as a “major setback” to Apple’s efforts to introduce higher-priced iPhones amid rising memory costs.

Apple’s stock closed down 1.53% today at $308.26, although shares rose 0.41% intraday. Following the company’s nearly 10% post-earnings drop, shares have recovered somewhat, gaining roughly 2.5% from their recent lows.

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