Jefferies Cuts Apple Stock as All-Glass iPhone Rumors Are Scrapped

Jefferies is the latest investment bank to cut Apple's stock price target. The firm has downgraded AAPL from $285.56 to $263.66 and changed its rating from 'Neutral' to 'Underperform'. This move follows other banks, including JP Morgan, Morgan Stanley, and Goldman Sachs, which have also adjusted their targets.

The reason for Jefferies' cut is the cancellation of Apple's rumored all-glass iPhone due to poor production yields. The device was expected to be released next year to mark the 20th anniversary of the iPhone series.

Jefferies analyst Edison Lee described this development as a 'major setback' to Apple's efforts to introduce higher-priced iPhones amid rising memory costs.