AAPL - JEFFERIES WARNS TARIFFS COULD SQUEEZE APPLE MARGINS Jefferies warned that new U.S. tariffs could pressure Apple’s margins on the iPhone 17 if Chinese imports lose their exemption. The firm cut its price target to 203.07, noting that Donald Trump’s proposed 100% tariff on Chinese goods starting Nov. 1 would hit Apple, which relies heavily on China for assembly. Jefferies estimates a 5% EPS hit in FY2026 if Apple pays a 130% tariff on about 9 million units. With Indian production unable to fully cover U.S. demand, Apple remains exposed. Even without tariffs, iPhone 17 margins are already 1.7 points lower than the previous model due to product mix and higher costs. Jefferies’ Q4 FY2025 revenue and profit forecasts are ~4% below consensus, citing flat sales outside iPhones.(*Walter Bloomberg)