Apple’s stock declined on Monday after Jefferies downgraded the company to a “hold” rating.

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	Forwarded this email? Subscribe here for more Jeffries analyst claims iPhone 16 sales will disappoint despite new AI features MacDailyNews Oct 7   READ IN APP   iPhone 16 Pro comes in four stunning finishes: black titanium, natural titanium, white titanium, and desert titanium. Apple’s stock declined on Monday after Jefferies downgraded the company to a “hold” rating. The investment firm cited concerns about disappointing iPhone 16 sales, despite the introduction of new artificial intelligence features. Analyst Edison Lee cited these concerns as the basis for the downgrade. Reinhardt Krause for Investor’s Business Daily: ‎ “We like Apple Intelligence long-term, as AAPL is the only hardware-software integrated player that can leverage proprietary data to offer low-cost, personalized AI services,” Lee said in a report. “But smartphone hardware needs rework before being capable of serious AI, with likely timeline of 2026/2027. The high expectations for iPhone 16/17 are premature, in our view.” “A lack of material new features and limited AI coverage mean high market expectations (5%-10% unit growth) are unlikely to be met,” added Lee. “Our analysis suggests weaker-than-expected initial demand. We forecast flattish volume growth for second half 2024 iPhone 16 versus iPhone15, and only 2.5% growth in life cycle volume for iPhone 16.” ‎ MacDailyNews Take: Lee on Monday downgraded Apple from “Buy” to “Hold” with a $213 price target which we have iCal’ed for future use. We are currently about 1/5th of the way to being sustainable with Substack subscriptions. Not a bad start! Please tell your Apple-loving friends about MacDailyNews on Substack and, if you’re currently a free subscriber, please consider $5/mo. or $50/year to keep MacDailyNews going. Just hit the subscribe button. Thank you! Read on Substack ‎ Please help support MacDailyNews — and enjoy subscriber-only articles, comments, chat, and more — by subscribing to our Substack: macdailynews.substack.com. Thank you! Support MacDailyNews at no extra cost to you by using this link to shop at Amazon. The post Jeffries analyst claims iPhone 16 sales will disappoint despite new AI features appeared first on MacDailyNews. You're currently a free subscriber to MacDailyNews. For the full experience, upgrade your subscription. Upgrade to paid   Like Comment Restack   © 2024 MacDailyNews 548 Market Street PMB 72296, San Francisco, CA 94104 Unsubscribe