NewsMV
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.
What the target change means for the setup The $263.66 figure is the ceiling Jefferies now places on AAPL.
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