AAPL Tumbles After Jefferies Downgrades Stock Over Canceled All-Glass iPhone

Apple Inc.'s (AAPL) shares fell more than 2% on Monday after Jefferies downgraded the stock, citing concerns over the cancellation of a planned all-glass iPhone model.

The device was expected to launch in September 2027 and would have been part of Apple's strategy to introduce higher-priced iPhones, particularly with rising memory costs.

Jefferies analysts described the cancellation as a 'major setback' for AAPL and lowered their price target to $263.66 from $285.56, implying a downside of about 14% from current levels.

However, Deepwater Asset Management's Managing Partner, Gene Munster, remained optimistic on Apple, saying its 9% to 11% September-quarter revenue growth guidance was 'much better' than initially perceived.