Jefferies analyst Edison Lee downgraded Apple's stock, citing cautious views on the next few quarters and broader AI demand. Lee highlighted three main reasons: weak iPhone demand, particularly in China; limited smartphone subsidies under new 2025 policies; and skepticism about the demand for the upcoming low-end iPhone SE. He also noted that U.S. consumers do not yet find smartphone AI useful and raised concerns about the cost-effectiveness of Apple's new chip technology developed with TSMC. Lee set a new target price of $200.75 for Apple’s stock, down from its recent close near $230, and downgraded the rating to underperform from hold.$Apple(AAPL.US)
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