Apple's Summer of Discontent: Downgrades Pile Up as Growth Slows

Apple is facing a slew of challenges as it approaches its transition to new leadership. With less than a month left before Tim Cook hands over the reins to John Ternus, the company's growth has slowed, and surging memory prices threaten to erode its margins.

The latest hit came on Monday when investment firm Jefferies downgraded Apple's stock from 'hold' to 'underperform', cutting its price target from $285.56 to $263.66. The analysts cited canceled plans for an all-glass iPhone, which was expected to launch next year and drive higher average selling prices.

This is the latest in a string of downgrades from Wall Street firms, with at least six now sporting the equivalent of a 'sell' rating for Apple, matching a 2012 high. In July, KeyBanc Capital Markets lowered its valuation due to concerns about iPhone demand.