Apple Inc. received a relatively rare bearish analyst rating on Friday, as Jefferies warned that expectations surrounding how fast customers will upgrade their iPhones had become excessive. Most Read from Bloomberg Analyst Edison Lee cut his rating on the stock to underperform from hold, writing that the stock’s current valuation prices in an “overly bullish iPhone outlook.” Shares fell 0.9% on Friday. The stock’s consensus recommendation — a proxy for the ratio of buy, hold, and sell ratings — now st ...