As previously reported, Jefferies analyst Edison Lee downgraded Apple (AAPL) to Underperform from Hold with a price target of $205.16, down from $205.82. Better demand for iPhone 17, likely driven by no price hike in the Pro and Pro Max models and “an effective price cut” on the 17 base model, is already in the price, which has led to “excessive expectations” on the replacement cycle and prospects of the 18 Fold, the analyst tells investors. The current valuation prices in an “overly bullish iPhone outlook,” the analyst argues.
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