Jefferies is getting even more bearish on Apple . Analyst Edison Lee lowered his price target to $203.07 per share from $205.16. The analyst has an underperform rating on the stock. Lee noted that he sees “more downside than upside” ahead for Apple. Indeed, his revised price target implies that shares could fall 17% from their Friday closing price of $245.27. Shares of Apple are down 2% this year, but Lee said that the company’s valuation still remains unattractive at its current level. AAPL YTD mountain AAPL YTD chart Lee pointed to tariffs, which he said could “come back to haunt AAPL,” as a major headwind. “Not only could the current tariff-exempt status of smartphones change, the uncertainties around the U.S.-India and U.S.-China tariff framework are under-estimated risks,” he wrote. “As Trump has just slapped an additional 100% (now 30%) tariff on Chinese imports, whether smartphone import from China would continue to be exempted remains uncertain.” Lee added that China is unlikely to meet 100% of its U.S. demand for iPhone 17s with production from India. The company could also come under additional pressure from the administration to make more iPhones in the U.S., especially if the U.S.-China conflict continues to escalate. The iPhone 17’s margin could also be squeezed by an unfavorable product mix and a higher bill of materials cost. “iPhone 17’s sales momentum has shown further slowdown,” Lee wrote. The analyst earlier this month downgraded Apple to underperform, noting overly lofty expectations for the company’s next iPhone . ( Learn the best 2026 strategies from inside the NYSE with Josh Brown and others at CNBC PRO Live. Tickets and info here . )
