Jefferies Downgrades Apple to Sell, Citing iPhone Roadmap Risks

Jefferies cut Apple from Hold to Underperform on August 10, 2026, targeting $263.66 — about 16% below recent prices. Analyst Edison Lee flagged a difficult higher-priced iPhone roadmap and "excessive expectations" for the iPhone 18 Fold. Supply-chain checks also showed Apple scrapped its planned all-glass iPhone, eliminating a premium-pricing lever.