Overview

• Jefferies downgraded Apple to Underperform from Hold on October 3.
• The firm trimmed its price target to $205.16 from $205.82.
• Analyst Edison Lee says stronger iPhone 17 demand, helped by a base-model price cut, is already reflected in the share price.
• Lee questions the addressable market for a possible foldable iPhone near $2,000 and warns a price-led upgrade cycle without new features could squeeze margins.
• Jefferies notes the new iPhone Air is not resonating with customers, calling bullish views on foldables risky.