Analysts delivered a range of reactions after Apple presented its fall hardware and software slate at the "Surprise and Shine" event where new chief executive John Ternus revealed the foldable iPhone Duo, carrying a $1,999 price tag.
Citi maintained a Buy rating and a $365 price target on Apple, characterizing the Duo as the "biggest new hardware category" since the Apple Watch and AirPods. The firm highlighted that Apple's fall lineup - which pairs the foldable Duo with the iPhone 18 Pro and Pro Max - is heavily weighted toward premium devices. Citi also flagged the new Siri AI announcement as the most consequential software item, noting Apple is moving toward embedding an AI agent in iOS 27.
Goldman Sachs likewise held a Buy rating and took a constructive view of Apple's product strategy. The bank said splitting the iPhone 18 launch should help support average selling price growth. Goldman pointed to $100 price increases for the Pro models and the introduction of a new 2-terabyte storage tier as factors likely to lift ASPs.
Other brokerage notes were more guarded. Oppenheimer kept a Perform rating and said it expects the Duo to become "the most successful foldable phone on the market," while simultaneously warning that supply is likely to be limited this year to roughly 8 million to 10 million units. That constraint, Oppenheimer suggested, could limit near-term volume upside.
Needham analyst Laura Martin retained a Hold rating and argued that a larger screen does not address what she termed Apple's deeper challenges. Martin praised Ternus's take-charge leadership style, calling for a "wartime CEO" posture amid agentic AI disruption. However, she expressed concern that the absence of lower-priced iPhone models until spring could dent near-term unit sales, and she judged Apple's AI integration to be "too little, too late."
The analyst responses underscore a split view: some see the new Duo and accompanying premium-heavy lineup as a lever for higher revenue per device, while others worry that constrained supply and a gap in lower-priced offerings could weigh on unit sales in the near term. The importance placed on software - particularly Siri AI and the stated path toward an agent in iOS 27 - was highlighted by multiple firms as a significant element of the event, though assessments of its immediacy and sufficiency varied.
Market context: The commentary reflects differing assumptions about Apple’s ability to convert premium positioning and software advances into near-term sales growth. The split among major brokerages signals uncertainty for investors around both hardware supply dynamics and the timing and impact of AI integration within Apple’s ecosystem.