Apple Stock Price Takes Hit as Jefferies Downgrades to Sell

Apple's stock price took another hit on Wednesday after Jefferies downgraded it to Sell from Hold, setting a new target of $263.66 - a whopping 13.5% lower than Tuesday's closing price of $304.91.

The downgrade comes despite Apple's impressive quarterly results, which saw revenue jump by 16% and iPhone sales increase by 22%. However, Jefferies analyst Edison Lee pointed to concerns about the production yield of a rumored all-glass anniversary iPhone, which may have been scrapped due to poor yields.

According to Lee, this move could lead to a $602 billion equity value adjustment, based on Apple's 14.59 billion shares outstanding. While this is not a forecast that Apple will shed this value, it highlights the significant impact of the downgrade on the company's valuation.