Jefferies Downgrades Apple as iPhone Worries Mount. What This Means for AAPL Stock.

Apple (AAPL) posted a strong fiscal third quarter. Revenue hit a record $109.4 billion, up 16.4% from a year earlier, while earnings per share rose 29% to $2.02. iPhone revenue climbed 21.7% to $54.3 billion, making it Apple's best June quarter ever.

But investors were not impressed. Shares fell 7.4% the next day after Apple forecast September-quarter revenue growth of just 9% to 11%. Supply chain issues and memory shortages also raised worries about near-term growth.

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Apple stock had already gained 15% year-to-date (YTD) through early August, ahead of the S&P 500 ($SPX)'s 13% gain. That run-up left the stock priced for strong execution. Then, on Monday, Jefferies Financial Group downgraded AAPL stock to "Hold" from "Buy" and cut its price target to $263.66 from $285.56.

The firm pointed to supply-chain checks suggesting Apple may have dropped plans for a high-end all-glass iPhone that could have supported higher pricing. With AAPL trading near $308, do these iPhone concerns point to a bigger problem ahead?