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Jefferies cuts Apple to Underperform, lowers price target to $263.66

Jefferies has downgraded Apple (AAPL) to Underperform from Hold and cut its price target to $263.66 from $285.56. The firm moved both the rating and the target lower in the same action. Any follow-on research from…

NM
NewsMV Markets Desk
3 min read
10 August 2026Markets desk
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Key takeaways

  • Jefferies downgraded Apple (AAPL) to Underperform from Hold.
  • Jefferies cut its price target on Apple to $263.66 from $285.56.
  • The rating and price target were lowered in the same action.
  • The Underperform rating signals Jefferies expects Apple stock to trail the broader market.
  • The source does not disclose the segment-level or earnings assumptions behind the revised target.

Jefferies has downgraded Apple (AAPL) to Underperform from Hold and cut its price target to $263.66 from $285.56. The firm moved both the rating and the target lower in the same action. Any follow-on research from Jefferies elaborating the thesis is the next confirmable development for the tape.

The rating shift

Hold to Underperform is a full-step bearish move. At Hold, Jefferies was reading the risk-reward on Apple shares as roughly neutral. At Underperform, the firm signals it expects the stock to trail the broader market. The prior target was $285.56. The new one is $263.66.

What the target change means for the setup

The $263.66 figure is the ceiling Jefferies now places on AAPL. Moving the target and the rating in the same direction at the same time signals the prior stance was no longer supportable. The source does not disclose the segment-level or earnings assumptions behind the revised figure.

What to watch

A formal research note from Jefferies elaborating the Underperform case is the next item in focus. Until then, $263.66 is the firm's stated position on Apple shares.

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TickersAAPL
Categorymarkets
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Frequently asked

What was Apple's rating changed to and from?

Jefferies downgraded Apple to Underperform from its prior Hold rating, a full-step bearish move.

What is Jefferies' new price target for Apple?

Jefferies lowered its price target to $263.66 from $285.56.

What does the Underperform rating mean?

It signals that Jefferies expects Apple shares to trail the broader market, a shift from its previously neutral risk-reward read at Hold.

What should investors watch next?

The next item in focus is a formal research note from Jefferies elaborating the Underperform case; until then, $263.66 is the firm's stated position on Apple shares.