Top 20 US stock transactions: Jefferies downgraded Apple's rating, citing high expectations for iPhone. Apple, ranked third, closed down 2.25% with a transaction volume of $8.702 billion. Securities firm Jefferies has released a research report, downgrading Apple's rating from "buy" to "hold" with a target price of $205 due to "overly high" expectations for the iPhone. In a report to clients, analyst Edison Lee of the bank wrote, "We have a long-term view on Apple Intelligence because Apple is the only software and hardware integrated enterprise that can provide low-cost, personalized artificial intelligence services using proprietary data. However, smartphone hardware needs to be redesigned to achieve true artificial intelligence, possibly by 2026/27. In our opinion, high expectations for the iPhone 16/17 are still too early