Following Apple's unveiling of its first foldable device, the iPhone Duo, alongside the iPhone 18 Pro series, Evercore ISI, JPMorgan, and Jefferies have delivered their latest assessments of the tech giant. Evercore reiterated its "Outperform" rating with a $365 price target, JPMorgan maintained its "Overweight" rating with a $340 target, and Jefferies kept its "Underperform" rating with a $263.66 target. While all three firms focus on the new products' pricing and potential demand, they diverge sharply on whether sales growth can offset margin pressures. Compared to the $315.34 closing price, the targets reflect markedly different outlooks: Evercore sees 15.7% upside, JPMorgan sees 7.8% upside, and Jefferies sees 16.4% downside.

Evercore Bets on New Products Driving Upgrade Cycle

At its "Surprise and Shine" event on September 9, Apple introduced the iPhone Duo, starting at $1,999 for the 256GB model. The device features a 7.6-inch foldable internal display, powered by the A20 Pro chip, dual 48MP fusion cameras, and a dual-battery system. Pre-orders begin October 16, with shipments starting October 23. Evercore believes the Duo's entry price is roughly on par with high-end foldable competitors, and the new form factor could attract significant consumer attention. The simultaneous launch of the iPhone 18 Pro and Pro Max, which include upgrades to processors, cameras, battery life, and Apple Intelligence features, may also drive upgrades among users still holding devices older than three years. The firm maintained its $365 price target, approximately 15.7% above the $315.34 closing price on September 9, making it the more aggressive target among the three. Its thesis centers on incremental demand from the new lineup and the support that a premium product mix provides to iPhone revenue.

JPMorgan Maintains Buy with a Measured Target

JPMorgan reaffirmed its "Overweight" rating and $340 price target after the event, implying roughly 7.8% upside. The target is lower than Evercore's but significantly higher than Jefferies', reflecting a positive stance on the new product cycle while remaining disciplined on valuation. JPMorgan had previously estimated the foldable iPhone represents a potential market opportunity of approximately $65 billion, with mid-term sales potentially reaching tens of millions of units. The final $1,999 starting price aligns with the firm's earlier estimates, offering some product-level validation of its analysis on premium pricing and market size. However, publicly available information does not yet detail JPMorgan's updated forecasts on first-year volume, cost structure, or margins from its post-event report. What can be confirmed is its "Overweight" rating, the $340 target, and its established positive outlook on the foldable opportunity, without inferring specific earnings model details.

Jefferies Worries Volume-First Strategy Squeezes Margins

Jefferies expressed little surprise at the Duo's $1,999 starting price but flagged that the iPhone 18 Pro series pricing reflects Apple's emphasis on driving volume. The firm calculates that the 256GB and 512GB versions of the iPhone 18 Pro and Pro Max are priced 6% to 8% below its earlier projections, even though they remain 7% to 9% higher than the previous generation. Pricing for the 1TB and 2TB variants largely matched expectations, while the iPhone 17 and iPhone Air saw no price changes. Jefferies argues that the more restrained pricing on mainstream storage tiers could stimulate demand, but Apple may not be fully passing on costs, potentially pressuring the product mix's profit margins. The firm maintained its "Underperform" rating and $263.66 price target, approximately 16.4% below the closing price on the announcement day.

Points of Agreement and Divergence Among the Three Firms

The three institutions share two common views. First, the iPhone Duo opens a previously untapped ultra-premium foldable market for Apple, with the $1,999 price point offering room to lift average selling prices. Second, the iPhone 18 Pro series' ability to drive upgrades among existing users will determine the real strength of this product cycle. Comparing the three firms' perspectives: Evercore sees the new form factor as a demand catalyst and expects premium pricing to support revenue growth, with a focus on the three-year-plus upgrade cycle. JPMorgan views the foldable as a substantial market opportunity supporting growth but keeps its target in check given current valuation. Jefferies notes that mainstream storage pricing came in below expectations, suggesting strong demand could come at the cost of compressed margins. The $101.34 gap between the highest and lowest price targets underscores the lack of consensus on the financial outcomes of the same pricing strategy.

Apple's stock closed at $315.34 on September 9, down 0.28% that day. The broader U.S. indices also weakened during the session, so the decline cannot be attributed solely to the product announcement or analyst ratings.