A historically bearish analyst firm who’s been underwater on Apple stock for years has downgraded the stock to underperform, arguing that investors are placing too much faith in the upcoming iPhone 18.
Analysts don’t agree on iPhone 18
Jefferies analyst Edison Lee trimmed Apple’s price target to $205.16 from $205.82. Lee said improved demand for the iPhone 17 has already been priced into the stock, leaving little room for growth tied to future models.
According to Jefferies, the iPhone 17 benefited from a price cut on the base model and strong trade-in values for older devices. Demand picked up after a slow start, and resale prices for the iPhone 17 Pro Max remain 5% to 15% above retail.
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