Apple Adds a Bear as Jefferies Downgrades, Sees 20% Downside

Apple Inc. received a relatively rare bearish analyst rating on Friday, as Jefferies warned that expectations surrounding how fast customers will upgrade their iPhones had become excessive.

Analyst Edison Lee cut his rating on the stock to underperform from hold, writing that the stock’s current valuation prices in an “overly bullish iPhone outlook.” Shares fell 0.9% on Friday.