TLDR
- Apple stock fell to around $319 ahead of its September 9 “Surprise and Shine” iPhone event
- BofA reiterated a Buy rating with a $380 price target; KeyBanc holds a Sell with a $250 target
- Apple is expected to launch its first foldable iPhone Ultra, likely priced above $2,000
- iPhone price increases are seen as inevitable, with KeyBanc calling it a “negative catalyst”
- Wall Street rates AAPL a Moderate Buy with an average price target of $337.55, implying around 5% upside
Apple stock edged down to around $319 per share on Tuesday, ahead of the company’s flagship “Surprise and Shine” event on September 9 at Apple Park in Cupertino, California.
The event is being watched closely. It marks the first major product launch under new CEO John Ternus, who took over on September 1. Tim Cook has moved into the role of executive chairman.
Tomorrow’s launch is shaping up to be one of Apple’s biggest product moments in years.
Apple is set to reveal the iPhone 18 Pro and reportedly its first foldable iPhone this wednesday on September 9 pic.twitter.com/o5J0ROxPDv
— non aesthetic things (@PicturesFoIder) September 7, 2026
BofA Securities reiterated its Buy rating on Apple with a $380 price target. The stock currently trades at $320, giving it a market cap of $4.67 trillion and a P/E ratio of 36.92.
BofA expects Apple to announce three new iPhones: the iPhone 18 Pro, Pro Max, and its first foldable device, potentially called the iPhone Ultra or Fold. The Pro models are expected to keep their 6.3 and 6.9 inch display sizes and run on the new 2nm A20 Pro chip.
The foldable iPhone Ultra is expected to feature a book-style design with a 5.5 inch outer OLED display and a 7.8 inch inner display, 12GB of RAM, and storage options up to 2TB. Citi estimates the starting price will be above $2,000. All three phones are expected to ship with iOS 27.
Apple is also expected to skip the standard base iPhone model this cycle as it pushes further into premium products to improve margins.
KeyBanc Flags Price Risk
KeyBanc analyst Brandon Nispel reaffirmed his Sell rating on September 4 with a price target of $250, implying around 24% downside from recent levels. He believes price increases will either hurt unit sales or put pressure on future margin decisions.
Nispel called the event “a likely negative catalyst” for the stock, regardless of how Apple handles its pricing strategy.
DA Davidson analyst Gil Luria also stayed cautious, maintaining a Hold rating and a $270 price target. He flagged the risk of revenue declines next year if the foldable iPhone and broad price increases do not land well with consumers.
Revenue Guidance Already Soft
Apple’s financial backdrop heading into the event is not without pressure. In July, the company guided Q4 revenue between $111.7 billion and $113.7 billion, below the Wall Street consensus of $114.95 billion. The gap was linked to rising memory costs driven by component shortages.
App Store revenues in Q4 fiscal 2026 rose to $6.3 billion, but growth was just 0.1% year over year. Evercore ISI also noted a 1% year-over-year decline in App Store revenues for August.
BofA says it views App Store data as a positive factor overall. DA Davidson flagged Apple’s improved AI positioning as a reason for some optimism around the foldable launch.
Outside the iPhone line, Apple may also unveil Apple Watch Series 12, Ultra 4, AirPods 5, an updated Apple TV 4K, and a new HomePod mini.
On Wall Street, 31 analysts rate AAPL a Moderate Buy overall, with 16 Buys, 11 Holds, and four Sells. The average price target sits at $337.55.
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