BofA Securities kept its Buy rating on Apple with a $380 price target ahead of a Sept. 9 launch that will introduce the company's first foldable iPhone from $2,099. The bank expects $150 to $200 price increases on the Pro models and a spring 2027 debut for the base iPhone 18.
Apple will unveil its first foldable iPhone at a Sept. 9 event, with the entry model starting at $2,099, its most expensive handset yet.
The debut, hosted by new Chief Executive Officer John Ternus, is the focus of investor attention as BofA Securities expects the foldable to drive a fresh upgrade cycle, the bank said in a research note. The event, dubbed "Surprise and shine," is set for 1 p.m. New York time at Apple Park in Cupertino, California.
BofA forecast the iPhone 18 Pro and Pro Max will cost $150 to $200 more than current models because of rising memory and storage costs. The base iPhone 18, iPhone 18 Air and iPhone 18e are planned for spring 2027, a shift that leaves only premium models on sale during the holiday peak and marks a break from the annual fall cadence Apple has kept for more than a decade.
BofA kept its Buy rating on Apple with a price target of $380, about 37 times its fiscal 2027 earnings estimate. The bank sees the split launch supporting product mix and average selling prices, though price-sensitive buyers may defer upgrades until the cheaper models arrive.
The foldable, which could be named iPhone Ultra or iPhone Fold, is expected to feature dual OLED displays, 12 gigabytes of RAM and up to 2 terabytes of storage running iOS 27, putting it in direct competition with Samsung's Galaxy Z Fold lineup on price and form factor. Apple is also expected to refresh the Pro line with a 2-nanometer A20 Pro chip and camera upgrades, and may unveil the Apple Watch Series 12, Ultra 4, AirPods 5 and updated Apple TV 4K and HomePod mini.
The launch follows a rocky start for the slim iPhone Air, which captured just 6 percent of U.S. iPhone purchases in its first full quarter, according to Consumer Intelligence Research Partners. A CNET survey found 25 percent of U.S. adults are interested in a foldable iPhone, though the average price they would pay, $781, sits far below the reported $2,099 starting point.
BofA pointed to a pattern of "sell the news" reactions in Apple shares after past launch events, with a modest pullback typically followed by a recovery over 30 to 60 days. Investor reaction this year will hinge on the size of the price increases, adoption of Siri AI features and management commentary on foldable demand.
The event gives Ternus, who took over from Tim Cook last week, an early test of whether Apple can reignite hardware innovation after the Vision Pro headset failed to connect with consumers. Investors will watch pre-orders opening Sept. 11 and the on-sale date of Sept. 18 for early signals on foldable demand.
This article is for informational purposes only and does not constitute investment advice.
