1157 ET - Apple raised the trade-in value of iPhone 15 and 16 models last week across key markets, Jefferies analysts say in a research note. Some media outlets including Mac Rumors saw the increase as a sign that price hikes were imminent for iPhone 17. But Jefferies analysts point out that Apple also dropped the trade-in price for certain models in China. "As trade-in prices are a monthly negotiated agreement between Apple and appointed dealers in each region, it may not have any implication for new iPhone selling prices," they write. "A higher trade-in value in the U.S. could drive stronger demand for the iPhone 17, but create more pressure on iPhone 18 sales given limited feature upgrades but assumed mid-teen % price hikes." Jefferies downgrades the stock to underperform from hold, cuts its price target to $263.66 from $285.56. Apple shares down 2% at midday.