Analyst Edison Lee lowered the firm’s price target to $263.66 from $285.56, implying roughly 16% downside from recent levels. The move adds to a growing list of more cautious views on the world’s most valuable company. Jefferies pointed to supply-chain checks indicating that Apple has canceled plans for a Twentieth anniversary all-glass iPhone model originally eyed for a September 2027 launch. According to the note, Apple had intended to extend all-glass design features to future iPhone Pro and Pro Max models to further lift average selling prices and margins. While those moves could pull forward demand for the current iPhone 17 cycle, they risk creating greater pressure on sales of the subsequent iPhone 18 generation.