Jefferies cuts Apple stock to $210 over iPhone redesign

Jefferies downgraded Apple’s stock on Tuesday, cutting the price target by $10 to $210 and citing supply chain checks that suggest Apple has scrapped plans for an all-glass iPhone rumored to launch next year. The move follows similar cuts by other analysts, including Morgan Stanley and UBS, who also questioned the viability of a fully glass design. The news sent Apple’s shares down 1.5% in after-hours trading.

The downgrade reflects growing doubts about Apple’s ability to execute a radical redesign after years of incremental updates. Analysts have long speculated about an all-glass iPhone to mark the 20th anniversary of the original iPhone in 2027, which would require significant changes to manufacturing and materials. But supply chain checks now suggest Apple has shelved those plans, likely due to durability concerns, high production costs, and the challenge of integrating wireless charging and other features without a metal frame.

Apple has a history of backing away from ambitious designs when faced with practical hurdles. In 2016, the company abandoned plans for a radical OLED iPhone after struggling with supply chain issues, instead releasing the iPhone X in 2017 with a more conventional glass-and-metal design. The all-glass rumor resurfaced this year after reports claimed Apple was testing new glass suppliers and exploring ways to improve durability.

If Apple confirms the cancellation, it could signal a shift toward more conservative designs in the near term. Investors are now watching closely for Apple’s next move, whether it’s a refined version of the current iPhone or a delayed, more incremental redesign. The stock downgrade underscores the risks Apple faces as it tries to balance innovation with market expectations.