Jeffries has become even more bearish on Apple. Analyst Edison Lee lowered his price target to $203.07 per share from $205.16. Analysts give the stock an underperform rating. Lee said he expects Apple’s future to be “more down than up.” In fact, his price target revision suggests the stock could fall 17% from Friday’s closing price of $245.27. Although Apple’s stock price has fallen 2% this year, Lee said the company’s valuation remains unattractive at current levels. AAPL YTD MountainAAPL YTD Chart Mr. Lee pointed out that tariffs are a major headwind that “could come back to haunt AAPL.” “Not only is the current tariff exemption status for smartphones likely to change, but the uncertainty around the US-India and US-China tariff frameworks is underestimating the risks,” he said. “President Trump just imposed a 100% (currently 30%) tariff on imports from China, and it remains unclear whether smartphone imports from China will continue to be exempted.” Lee added that it is unlikely that China will be able to meet 100% of US demand for the iPhone 17 with production from India. The company could also face further pressure from the administration to manufacture more iPhones in the U.S., especially if tensions between the U.S. and China continue to escalate. iPhone 17 profit margins may also be squeezed by an unfavorable product mix and rising component costs. “iPhone 17 sales momentum is slowing further,” Lee wrote. Earlier this month, the same analyst downgraded Apple’s performance to below Apple’s, saying expectations for the company’s next iPhone were too high. (Learn the best strategies for 2026 from inside the NYSE with Josh Brown and others on CNBC PRO Live. Tickets and information here.)
