Following the launch of its first foldable handset, the iPhone Duo, and the iPhone 18 Pro series, at least seven financial institutions have updated their outlooks on the tech giant. Evercore ISI, Melius Research, Bank of America, JPMorgan, and Goldman Sachs generally hold a positive view, while Oppenheimer stays neutral and Jefferies remains bearish.

The general consensus acknowledges that the new products will boost sales volume and average selling price, but the main point of contention rests on whether Apple can successfully offset rising costs for memory and other components through its pricing strategy.

Institutional Ratings and Price Targets Post-Event

Bank of America maintains a Buy rating with a target price of $370, revised down from $380. Melius Research keeps a Buy rating and a $370 target. Evercore ISI reiterates an Outperform rating with a $365 target. JPMorgan holds an Overweight rating with a $340 target, maintaining a positive stance after the event. Jefferies continues with an Underperform rating and a $263.66 target. Oppenheimer retains a Market Perform rating without disclosing a specific target. Goldman Sachs has not publicly disclosed any adjustments to its rating or target price, with its post-event report focusing on product and demand assessments.

Note: JPMorgan's $340 target price is from a public report dated September 1st, prior to the launch event. Their post-event commentary on September 10th did not provide a new target. Similarly, Goldman Sachs' post-event report did not specify if its rating or target were altered, so no unconfirmed figures have been included.

The Foldable Device is Central to Bullish Revenue Projections

At the "Surprise and Shine" event, Apple unveiled its first foldable phone, the iPhone Duo, starting at $1,999 for the 256GB model. The company also introduced the iPhone 18 Pro and Pro Max, with starting prices of $1,199 and $1,299 respectively, a $100 increase over the previous generation for equivalent storage.

Melius Research reaffirmed its Buy rating and $370 price target, offering the most optimistic sales forecast among the disclosed reports. The firm projects that Apple could sell approximately 15 million units of the iPhone Duo in fiscal year 2027 if supply conditions are favorable, making the current mid-tens-of-millions production plan achievable. According to Melius' estimates, the average selling price boost from the Duo could drive cumulative iPhone revenue growth of about 20% over the next two years, significantly outpacing the market's general expectation of roughly 9% growth for fiscal 2027. The firm also anticipates Apple will release more products later in fiscal 2027 and continue to expand its Mac market share.

Evercore ISI maintained its Outperform rating and $365 target price. The firm believes the $1,999 starting price is competitive with other high-end foldables, and the new form factor will attract consumer attention while encouraging upgrades from users with devices over three years old. The A20 Pro chip, variable aperture camera, and improved battery life are also seen as contributing to the momentum of the iPhone business.

Oppenheimer kept its Market Perform rating and predicts the iPhone Duo could become the best-selling foldable phone on the market. However, the firm estimates that production capacity and yield rates may limit initial supply to between 8 and 10 million units. This figure is lower than Melius' 15 million unit forecast for fiscal 2027, though the two projections cover different time frames.

JPMorgan: A Delicate Balance Between Volume and Profit Margins

In its post-event analysis, JPMorgan focused on Apple's product mix and promotional strategy. The bank believes Apple is carefully navigating between sales volume and profitability. The modest price increases on the Pro models help alleviate consumer price pressure but are insufficient to fully offset rising memory and component costs. New leasing options and trade-in incentives introduced by Apple further reduce the upfront expense for consumers purchasing higher-end devices.

JPMorgan suggests that the relatively favorable pricing, more flexible purchasing methods, and new AI features could collectively drive robust growth in iPhone revenue. However, the staggered launch introduces new uncertainty. This autumn, Apple is releasing only the iPhone 18 Pro, Pro Max, and Duo, deferring the standard iPhone 18 to the following spring. Analyst Samik Chatterjee notes that this arrangement highlights the features and specifications of the premium models, potentially steering consumers toward higher-priced options, but it also means December quarter revenue will be more reliant on high-end model sales and the effectiveness of upsell efforts.

JPMorgan's Overweight rating and $340 target were set in a pre-event report dated September 1st. The subsequent post-launch commentary does not indicate any change, so $340 remains the latest confirmed public target, not a newly established post-event figure.

Goldman Sachs: Staggered Release Aids Cost Management, Hardware Demand to Persist

A team led by analyst Michael Ng at Goldman Sachs believes the new iPhone, Apple Watch, and AirPods 5 met market expectations and should sustain strong demand for Apple hardware. The bank highlighted Apple's adjusted launch cadence. By concentrating the higher-priced iPhone 18 Pro and Duo in the autumn and introducing the more affordable standard model the following spring, Apple can alleviate supply pressure in any single quarter and address rising memory and component costs through premium model sales.

This strategy may also increase the average selling price of the autumn lineup, but its success depends on whether consumers are willing to opt for the Pro or Duo in the absence of a new standard model. Goldman Sachs maintains a positive outlook on demand; its public post-event report does not disclose whether it adjusted its rating, target price, or earnings estimates.

Pricing Divergence: Jefferies Focuses on Volume, Bank of America Flags Margin Concerns

Jefferies reiterated its Underperform rating and $263.66 target, making it the most cautious among the institutions that have shared their views. The firm pointed out that the 256GB and 512GB versions of the iPhone 18 Pro and Pro Max are priced 6% to 8% below its initial projections. Although these models see a 7% to 9% year-over-year price increase, the hike is still less than Jefferies had anticipated. The Duo's $1,999 starting price matched the firm's forecast, but Apple also introduced a 256GB entry-level option. From this, Jefferies concludes that Apple is currently prioritizing device sales volume.

The relatively modest price increases may support demand but will put additional pressure on gross margins during a period of rising memory and other component costs.

Bank of America also expressed concerns about profitability but retained its Buy rating. The bank reduced its price target from $380 to $370 and lowered its calendar year 2027 earnings per share estimate from $10.32 to $9.98. The new target still applies a 37 times forward price-to-earnings multiple, with the revision stemming primarily from lower gross margin expectations. The bank believes that the lower-than-expected pricing on new iPhones could lead to higher sales, but at the cost of Apple absorbing higher memory and component expenses. Its view sits between Melius and Jefferies: still optimistic about the product cycle and AI capabilities, but acknowledging that profit margins may be weaker than previously forecast.

AI Enhances Appeal, but Near-Term Availability is Limited

The new generation of Apple Intelligence and Siri showcased by Apple emphasizes personal context understanding, on-screen content recognition, and cross-app functionality. Bank of America notes that new iPhones can run AI models on-device and use Private Cloud Compute for more complex requests, enhancing personalization while protecting user data. JPMorgan views AI features as one driver of iPhone revenue growth, while Goldman Sachs also believes the new products will sustain device demand.

However, several institutions have not yet classified this AI update as the decisive catalyst for a massive upgrade cycle. Oppenheimer points out that the new Siri is still in English-language testing and has not yet been rolled out in the European Union. The actual sales contribution from AI features remains dependent on the future expansion of language support, regional availability, and service capabilities.

Aggregating the post-event views of the seven institutions, Wall Street has yet to form a unified direction on earnings revisions. Melius and Evercore focus on the incremental revenue from the iPhone Duo, JPMorgan and Goldman Sachs endorse the product mix and demand outlook, Bank of America maintains its Buy while cutting earnings forecasts, and Jefferies argues that current pricing is insufficient to counter cost pressures. Whether foldable sales reach the 8 to 15 million unit range and whether high-end product revenue can offset gross margin pressures will determine the actual impact of this product cycle on Apple's earnings.