As Apple Inc. (NASDAQ: AAPL) stock dropped more than 10% from its all-time high (ATH) over the past three weeks, Edison Lee, the Head of China Technology, Telcom, and Software Equity Research at Jefferies Financial Group Inc. (NYSE: JEF), lowered the firm’s 12-month price target.

Lee downgraded Apple stock rating to ‘Underperform’ from a ‘Hold’, according to a note sent to clients on August 10. He further cut the investment bank’s 12-month price target for AAPL to $263.66 from $285.56, which represents a decrease of about 7.67%.

With Apple stock trading at approximately $307.11 at press time, this analyst suggests a potential 14.15% downside. This researcher argued that Apple’s planned all-glass iPhone for…