Apple stock defies Jefferies’ bearish call as new CEO Ternus prepares for Sept. 9 launch

Apple ↘ 2.51% shares closed at $324.96 on Wednesday, September 2, hovering near record levels and well above the $263.66 price target set by Jefferies analyst Edison Lee, who downgraded the stock to Underperform from Hold in August. The gap between the bearish call and Apple's market price has only widened in the weeks since, setting up a pointed test of the thesis as new CEO John Ternus prepares for his first major product launch on September 9.fortune+1

A Downgrade That Hasn't Stuck

Jefferies cut its rating on August 10, citing supply-chain checks indicating Apple had scrapped a rumored all-glass iPhone planned for 2027 due to manufacturing yield problems. Edison Lee called the cancellation "a major setback to Apple's premiumization strategy" and reduced his fiscal 2028 and 2029 earnings-per-share estimates by 2.1% and 3.4%, respectively. The firm also flagged rising memory costs and higher trade-in values as headwinds to future margins.tradingview+2

Yet the stock has largely shrugged off the warning. As of this week, Apple's market capitalization stood at roughly $4.74 trillion, and shares have climbed about 20% since the start of 2026. Consensus among analysts remains at Moderate Buy, with 16 Buy ratings, 10 Holds, and four Sells, and an average price target near $340 — a stark contrast to Jefferies' outlier call.ad-hoc-news

New Leadership, New Products

The timing adds another layer. Ternus officially became Apple's CEO on September 1, succeeding Tim Cook, who moved into the role of executive chairman after 15 years leading the company. Ternus, a 25-year Apple veteran who previously oversaw hardware engineering, takes the helm just days before the company's "Surprise and shine" event on September 9, where Apple is expected to unveil the iPhone 18 Pro, iPhone 18 Pro Max, and its first foldable iPhone.usatoday+3

The foldable device, rumored to be called iPhone Ultra, could directly address the premiumization concern at the heart of Jefferies' bear case. One analyst estimate cited by ad-hoc-news.de suggested a foldable iPhone could add $14 billion in quarterly revenue if adoption meets expectations.ad-hoc-news

The Tension Ahead

Apple's fiscal third-quarter results underscored the strength Jefferies is betting against: iPhone revenue jumped 22% to $54.25 billion, total revenue rose 16% to $109.4 billion, and earnings per share surged 29% to $2.02. But the company also acknowledged margin pressure from higher component costs.tradingview+1

Whether Ternus can sustain that trajectory — and whether next week's event delivers a premium lineup compelling enough to justify Apple's valuation — will determine which side of the Wall Street divide proves right.