Jefferies Downgrades Apple Stock Amid Canceled All-Glass iPhone Plans

Apple's stock received a downgrade from Jefferies as reports suggest that the company has canceled its planned all-glass iPhone. The rating was cut to Underperform from Hold, and the price target was reduced to $263.66 from $285.56.

The decision to cancel the all-glass iPhone is reportedly due to low yield. This setback comes after supply chain checks indicated that the device would not meet Apple's quality standards.

Jefferies analyst Victor Golmer views this as a major setback for Apple, which has been working on the all-glass design for some time.