Bloomberg: Apple's 2027 Glass iPhone Still on Track, Refuting Jefferies' Cancellation Claim
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Bloomberg, citing people familiar with the matter, says Apple's 2027 glass-body iPhone remains on schedule — directly contradicting Jefferies' claim the project was scrapped. The real question: can this ~$2,060-ASP device still anchor Apple's premium-pricing thesis?
What did Jefferies say, and why did Apple's stock drop?
Jefferies analyst Edison Lee published a report this week claiming Apple's 2027 all-glass iPhone was cancelled due to "insufficient production yield." He simultaneously downgraded Apple from Hold to Underperform, cutting his price target from $285.56 to $263.66.
Apple shares fell as much as 2.8% intraday on Monday — the report was the direct catalyst.
This means → the market read it plainly: if the glass iPhone is gone, Apple's most important path to raising its average selling price breaks. The glass model was expected to carry an ASP of roughly $2,060 — far above the iPhone 17 Pro Max's $1,199 starting price.
How did Bloomberg push back? Is the glass design still alive?
Bloomberg, citing people with knowledge of the plans, says Apple's product roadmap has not changed. The 2027 iPhone Pro lineup (internal codenames V73 and V74) will use a new glass exterior — glass wrapping front and back, curving around the sides, with a metal mid-frame retained.
What was abandoned is a more radical concept: replacing metal entirely with glass. That version hit glass-panel joining problems at the mass-production stage and was dropped early. In plain terms = the "extreme version" was cut; the "shippable version" survived.
Apple typically locks a new iPhone's design about a year before launch. This means → the 2027 model is already in advanced testing, and a major change is unlikely barring unforeseen obstacles.
Even if the glass iPhone survives, what other pressures does Apple face?
Morgan Stanley analyst Erik Woodring has flagged that Apple's average DRAM cost — DRAM being the chip that handles short-term data storage in a phone — will rise roughly 370% between fiscal years 2025 and 2027. A $200 price increase across the entire iPhone 18 lineup is increasingly likely.
Apple already raised prices on its MacBook and iPad lines in June. CEO Tim Cook characterized such increases as "unavoidable."
Edison Lee also noted that Apple Intelligence has been slow to deliver, making it hard for Apple to justify hardware price hikes through an AI narrative. This reflects a squeeze from both sides: costs are rising, but the story to support higher prices isn't fully formed yet.
Can a foldable iPhone fill the gap?
Edison Lee sees a foldable iPhone as Apple's remaining lever to push ASP higher, but he expects it to be a "niche product" priced between $2,199 and $3,099.
In plain terms = the foldable sells at a premium, but volume won't follow. It can add at the margin — it cannot replace the glass iPhone's role in the pricing architecture.
Where does the rest of Wall Street stand?
Jefferies isn't alone — KeyBanc analyst Brandon Nispel downgraded Apple from Sector Weight to Underweight in July, citing stalling growth momentum and weak iPhone sales potentially dragging down other hardware categories.
Overall, though, Wall Street still leans bullish. Per FactSet, of 51 analysts surveyed, 32 rate Apple a Buy or equivalent, 14 at Hold, and only 5 are negative. Apple shares are up roughly 34% over the past twelve months and over 15% year-to-date.
This means → Bloomberg's report directly undercuts the core premise behind Jefferies' downgrade. The verification point ahead is clear: does the 2027 glass iPhone ship on schedule? If it does, Apple's ASP-uplift thesis is back in play. If it doesn't, the bear case gains real evidence.
Content is for reference only, not financial advice.