Jefferies Downgrades Apple to Sell, Sees 16% Downside on iPhone Roadmap Concerns

Jefferies cut Apple from Hold to Underperform on August 10, 2026, with a $263.66 price target — roughly 16% below recent levels. Analyst Edison Lee cited a difficult higher-priced iPhone roadmap and "excessive expectations" for the iPhone 18 Fold. Supply-chain checks also indicated Apple canceled its planned all-glass iPhone, removing a premium-pricing lever.