Apple Shares Plummet After Jefferies Downgrade Cuts Earnings Projections

Apple shares have taken a hit following a downgrade from Jefferies analyst Lee, who trimmed his earnings per share projections for fiscal 2028 and fiscal 2029 by 2.1% and 3.4%, respectively.

Lee's revised financial model led to an updated price objective of $263.66, implying approximately 16% potential downside from current levels, which underpins the Underperform designation.

The analyst also cited Apple's recent increase in iPhone trade-in values as a factor adding uncertainty to the market.

The higher trade-in credits may accelerate purchases of the iPhone 17 lineup in the near term but risk thinning out the available buyer pool when iPhone 18 arrives, putting pressure on an already weakened product cycle.