AAPL Stocks Plummet After Jefferies Downgrades Apple Over Cancelled All-Glass iPhone

AAPL stock fell on Monday after Jefferies downgraded the company's shares due to concerns over Apple's planned 20th-anniversary iPhone.

Jefferies analysts said their supply-chain checks suggest Apple has canceled the all-glass iPhone, which was expected to launch in September 2027. The firm described this cancellation as a 'major setback' for Apple's efforts to introduce higher-priced iPhones, particularly with rising memory costs.

Gene Munster, Managing Partner of Deepwater Asset Management, remains positive on Apple, citing the company's September-quarter revenue growth guidance of 9% to 11%. He notes that this outlook includes a foreign exchange headwind and inventory dynamics but believes it is 'much better' than initially perceived.