Bloomberg says iPhone glass redesign on track after reports of cancellation

Jefferies analyst Edison Lee on Monday said Apple ↘ 1.09% has canceled its planned all-glass iPhone, originally expected to debut in September 2027 to mark the device's 20th anniversary, citing poor production yields that made mass manufacturing unviable. Hours later, Bloomberg reported that the glass-centric redesign remains on track, setting up a direct contradiction between one of Wall Street's most bearish Apple calls and sources close to the company.

The Jefferies Downgrade

Lee downgraded Apple from "Hold" to "Underperform" and cut his price target from $285.56 to $263.66, citing supply chain checks that indicated the project had been scrapped. "We view this as a major setback to efforts to bring in higher-priced iPhones amid soaring memory costs," Lee wrote in a note first reported by Barron's. The device had been expected to carry a blended retail price of around $2,060 and feature a seamless quad-curved glass enclosure with under-display Face ID.macrumors+2

Lee argued that Apple had planned to extend the all-glass treatment to future iPhone Pro and Pro Max models, using the premium material to offset rising memory costs. With that path now in doubt, Jefferies cut its fiscal 2028 and 2029 earnings-per-share estimates by roughly 2% and 3%, respectively. Apple shares fell 2.1% on Monday following the downgrade.macdailynews+1

According to Fortune, at least six firms now carry sell-equivalent ratings on Apple, matching a high last seen in 2012, shortly after the death of Steve Jobs.fortune

Bloomberg's Rebuttal

Late Monday, Bloomberg reported that Apple is still planning to offer a glass-centric overhaul of the iPhone for the 20th anniversary, citing people familiar with the matter. The company expects to launch iPhone Pro models next year that feature a new glassy look, with glass curving into the sides of the devices and a metal band in the middle. The phones are known internally as V73 and V74.bloomberg

The Bloomberg report suggests a design that incorporates glass prominently but stops short of the fully seamless all-glass enclosure that Lee described as canceled — potentially reconciling the two accounts.

What Comes Next

The conflicting reports land as incoming CEO John Ternus prepares to take over from Tim Cook next month alongside Apple's annual iPhone event, where the company is expected to unveil its first foldable iPhone. Lee wrote that the foldable, with an estimated starting price above $2,000, will be Apple's "only key driver of higher ASP and margin" in the near term but is likely to remain a niche product.cnbc+1

Whether the 20th anniversary iPhone arrives as a radical all-glass device, a glass-accented redesign, or something else entirely remains an open question more than a year before its expected launch.