Apple Shares Plunge on Downgrade and Supply Chain Fears

Apple shares declined in pre-market trading by 1.2%, as the stock traded ex-dividend for its quarterly $0.27 payout, down from Jefferies' previous price target of $285.56 to $263.66.

The downgrade comes amid supply chain worries and a reported cancellation of an all-glass iPhone due to low manufacturing yields.

Jefferies also reduced earnings estimates for Apple through fiscal year 2029, increasing investor concern about the company's longer-term growth trajectory.