Apple: Jefferies downgrades stock

(CercleFinance.com) - Jefferies downgrades its rating on Apple shares from 'buy' to 'hold' with a target price raised from $205 to $212.
92, pointing to a 2024 adjusted P/E of 33x at present, close to its all-time high.

The broker claims to value Apple Intelligence in the long term, as Apple is in its view the only hardware-software integrated player that can leverage proprietary data to offer personalised AI services at low cost.

Jefferies believes, however, that smartphone hardware needs to be reworked before it is capable of serious AI, citing a 2026/27 horizon, and deems high expectations for iPhone 16/17 to be 'premature'.


Copyright (c) 2024 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
The information and analyses published by Cercle Finance are intended solely as a decision-making aid for investors. Cercle Finance cannot be held responsible, directly or indirectly, for the use of information and analyses by readers. Uninformed investors are advised to consult a professional advisor before investing. This information does not constitute an invitation to sell or a solicitation to buy.