2 weeks ago
Jefferies Downgrades Apple as All-Glass iPhone Reportedly Cancelled
Jefferies, a financial research firm, became more negative about Apple’s stock.
It says Apple may have canceled a special iPhone made mostly of glass.
The phone was expected in September 2027 and would have been very expensive.
Without it, Apple may have less ability to raise iPhone prices.
Jefferies also says memory chips are becoming more expensive, which could reduce Apple’s profits.
A foldable iPhone might help Apple sell more expensive phones instead.
However, the firm expects the foldable model to sell in relatively small numbers.
Jefferies lowered its price target for Apple shares.
The report says Apple also lacks a strong artificial-intelligence reason for customers to upgrade right now.
Jefferies downgraded Apple stock to “Underperform (hold)” after supply-chain checks reportedly indicated the 2027 all-glass iPhone was canceled.
The cancellation could reduce projected iPhone average-selling-price growth from 9.0% to 6.8% between fiscal 2026 and fiscal 2031.
The canceled phone was expected to cost about $2,060 and support higher prices for future Pro and Pro Max models.
Jefferies sees the foldable iPhone as Apple’s main remaining opportunity to raise prices, but forecasts only 14 million sales in fiscal 2028.
The firm cut its Apple price target from $285.56 to $263.66 as rising memory costs pressure margins.
- Who
- Jefferies and Apple Inc.
- What
- Jefferies downgraded Apple stock after reporting that Apple’s planned 20th-anniversary all-glass iPhone was canceled because of low production yields.
- Where
- The report concerns Apple’s global iPhone and broader product business; no specific location for the cancellation was provided.
- When
- The canceled phone was expected in September 2027; Jefferies’ report also covers forecasts for fiscal 2026 through fiscal 2031.
- Why
- Jefferies said the cancellation could limit iPhone price growth, while rising memory costs are expected to pressure Apple’s profit margins.
Key facts
- Jefferies rating
- Underperform (hold)
- Reportedly canceled product
- A special 20th-anniversary all-glass iPhone expected in September 2027
- Projected iPhone ASP CAGR
- Reduced from 9.0% to 6.8% for fiscal 2026–2031
- Estimated all-glass iPhone price
- Approximately $2,060
- Foldable iPhone forecast
- 14 million units in fiscal 2028, according to Jefferies
- Apple price target
- $263.66, down from $285.56
- Memory-cost response
- Apple announced nearly 20% price increases for Mac and iPad products on June 25, but not for iPhone










