Analyst firm Jefferies has downgraded Apple stock to underperform and lowered its price target to $263.66 ธ. The жан decision stems from the belief that Apple has abandoned the all‑glass design for the forthcoming iPhone 20, a move that could limit the device’s premium pricing potential.

Edison Lee, a senior analyst at Jefferies, argues that the all‑glass body was likely to be migrated to higher‑end models such as the iPhone Pro and Pro Max. With the cancellation, the firm fears the iPhone 20 will become a niche folding phone priced above $2000, eroding its ASP and margins. Lee points to worsening RAM costs and delayed SSD relief as further supply‑chain pressures that could hurt profitability.

While most Wall Street coverage remains bullish—ten firms hold a strong buy rating and 20 a buy—only three analysts, including iexpress, have issued an underperform rating. Apple’s current share price is hovering near $310, with the consensus average target at $319.48. The highest price target in the market is $400, suggesting a significant upside if Apple re‑enters the all‑glass space.

Interpretations of this note indicate limited immediate market impact, yet it highlights a potential strategic pivot in Apple’s product lineup.