Apple just pulled the curtain back on its thinnest iPhone yet, the 5.6 mm iPhone Air, during its highly anticipated September 9 event.

With a titanium frame, 120 Hz ProMotion display, and a $999 price tag, the device marks Apple’s first major iPhone redesign in nearly a decade.

Despite the buzz, the stock reaction has been muted. Apple is down 6.42% year-to-date, with only a 2.2% rise over the past month.

Jefferies veteran Edison Lee maintains a hold rating and a price target of $205.82, noting that much of the positive sentiment around the iPhone Air is already reflected in the stock. Instead of joining the bullish chorus, he delivered a surprising verdict that left many Apple watchers questioning whether now is the right time to…