iPhone 20 is probably going to look more like a third-generation iPhone AirAnalyst firm Jefferies has downgraded Apple stock to underperform alongside a price cut, because the firm believes Apple has cancelled its all-glass design for the still-unannounced iPhone 20. Analyst Edison Lee of Jefferies is concerned that the iPhone 20 will not be an all-glass device. "The all-glass iPhone has been cancelled due to low yield," Lee said. The firm remains notably underwater on Apple stock, and has not had a price target above what Apple's actual stock price has been for years. The highest price target is $400, and the consensus average is $319.48, including Jefferies.