Apple dips; focus on foldable phone launch
AAPL•Valuation context
** The median analyst PT is $330, per LSEG, versus Tuesday's stock price of $316.17, which is ~8% below the record intraday high on July 29, but up ~16% YTD.
Apple slips ahead of product launch event
** Shares of Apple Inc. AAPL.O are down ~1%, underperforming the S&P 500 technology index .SPLRCT, in the last session before the iPhone maker's next big product launch event.
** New CEO John Ternus is expected to unveil Apple's first foldable phone with an estimated price tag above $2,500.
** Analysts are also watching for Siri virtual assistant updates that can compete in the AI race.
Analyst sees higher iPhone pricing and delayed lower-cost models
** BofA analyst Wamsi Mohan sees Apple increasing prices of 18 Pro and Pro Max phones by $150-$200 and says cheaper iPhone 18, 18 Air, and iPhone 18e reportedly will not come until spring.
** The split launch may support ASPs but "creates some risk that price-sensitive consumers defer upgrades until the lower-priced models arrive," says Mohan, who rates the stock 'buy'.
** Investor reaction will likely depend on the magnitude of price increases, adoption of Siri AI features and commentary on foldable demand, Mohan adds.
