Jefferies downgraded Apple's stock from "buy" to "hold" due to overly optimistic iPhone sales expectations.
Jefferies has downgraded Apple's stock from "buy" to "hold," citing overly optimistic sales expectations for the iPhone 16 and 17. While the firm raised its price target by nearly $8, analysts predict that significant advancements in smartphone AI capabilities won't be realized until 2026-2027. The downgrade reflects concerns about Apple's current sales outlook and high price-to-earnings ratio, despite a year-to-date stock increase of 17%.
October 07, 2024
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