Apple's rumored all-glass iPhone, intended to mark the device's 20th anniversary, has reportedly been canceled. According to Jefferies analyst Edison Lee, supply chain checks indicate the project was scrapped due to poor production yield. This development has significant implications for Apple's ability to raise device prices amid climbing memory costs.

Following this news, Jefferies downgraded Apple stock to "Underperform," cutting the price target to $263.66 from $285.56. The all-glass redesign was expected in fall 2027 and would have featured a curved glass panel, under-display Face ID, and solid-state buttons. Had it launched, Lee estimated the device would have carried a blended retail price of approximately $2,060.

Beyond the specific model, Lee expressed concern regarding Apple's broader strategy. The cancellation potentially limits the company's ability to bring premium styling to the Pro and Pro Max lines to boost margins. Additionally, the slow rollout of Apple Intelligence and rising component costs for the iPhone 19 Pro Max remain key factors in the recent stock downgrade.