Jefferies is getting even more bearish on Apple . Analyst Edison Lee lowered his price target to $203.07 per share from $205.16. The analyst has an underperform rating on the stock. Lee noted that he sees "more downside than upside" ahead for Apple. Indeed, his revised price target implies that shares could fall 17% from their Friday closing price of $245.27. Shares of Apple are down 2% this year, but Lee said that the company's valuation still remains unattractive at its current level. AAPL YTD mountain AAPL YTD chart Lee pointed to tariffs, which he said could "come back to haunt AAPL," as a major headwind. "Not only could the current tariff-exempt status of smartphones change, the uncertainties around the U.S.-India and U.S.-China tariff framework are under-estimated risks," he wrote. "

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