On August 10, Jefferies downgraded Apple Inc. (NASDAQ:AAPL) from to Underperform from Hold and cut its price target to $263.66. However, the potential cancellation now leaves the foldable iPhone as the main potential driver of higher iPhone average selling prices and margins. If these supply chain checks are correct, Apple may have to rely more heavily on the foldable iPhones and incremental upgrades to increase average selling prices. Apple's recently raised iPhone trade-in values for some iPhone models in Europe and US. According to Jefferies, this could support demand for the iPhone 17 but potentially put additional pressure on iPhone 18 sales.