Wall Street investment bank Jefferies downgraded Apple stock to a sell-equivalent rating Monday, citing supply-chain checks suggesting the company has scrapped plans for a redesigned all-glass iPhone that had been expected to mark the device's 20th anniversary in 2027. Jefferies cut its rating on Apple to "underperform" from "hold" and lowered its price target to $263.66 from $285.56, implying roughly 16% downside from Friday's closing price of $313.33. Jefferies had maintained a neutral, or hold-equivalent, rating on the stock as recently as July 31 before shifting to the more bearish stance. Analyst Edison Lee said in a note to clients that Jefferies' supply-chain checks indicated Apple's planned all-glass iPhone, originally expected to launch in September 2027, "has been cancelled due to low yield." Rumors of an all-glass iPhone redesign had circulated since at least 2025, with speculation centered on the device marking a generational shift in design comparable to the iPhone X a decade earlier.