Apple's Wednesday Event: Pricier iPhone 18 Pros and a $2,099 Foldable Expected

Apple Inc. (NASDAQ:AAPL)/a> opens its "Surprise and Shine" event Wednesday at 1 p.m. ET. It is the first iPhone launch that John Ternus will run as chief executive.

Bank of America analyst Wamsi Mohan expects three new phones on stage. He expects all three to be quite expensive.

The bank maintained its Buy rating and its $380 price objective going into the event, implying 18.8% upside from a reference price of $319.97.

What BofA Expects Apple To Announce

Mohan said investor attention should land on three things: the first foldable iPhone, price increases across the Pro line and the decision to move the cheaper models to next spring.

Media reports cited in the note put the foldable — likely branded Fold or Ultra — at $2,099 for the base configuration.

That would make it the most expensive iPhone Apple has ever sold.

BofA expects the iPhone 18 Pro and Pro Max to carry price increases of $150 to $200, driven by the higher cost of memory and storage chips.

Will Investors Sell The News Again?

BofA's own event history shows Apple shares have often slipped modestly right after launch events before recovering over the following 30 to 60 days.

Mohan said this year's reaction should hinge on three variables: how far the prices actually move, whether buyers take up the new Siri artificial intelligence features and what management says about demand for the foldable.

The stock has already done a lot of the work.

The run-up has already been choppy. Apple set its recent high on Sept. 3, then gave back 2.51% on Friday and has drifted lower again into the event.

The $380 objective is 37 times BofA's calendar 2027 estimate of $10.32, above a five-year range of 19 times to 35 times with a median of 27.

Where The Rest Of Wall Street Sits

According to Benzinga Analyst Ratings, Apple carries a consensus Buy from 29 analysts and an average price target of $335, roughly 5.4% above the current price. BofA sits $45 above that average.

The recent flow has been anything but uniform.

Rothschild & Co upgraded Apple to Buy on Aug. 17 and lifted its target from $260 to $400.

One week earlier, Jefferies had cut the stock to Underperform and its target from $286 to $264.

Morgan Stanley reiterated Overweight at $360 on Sept. 2, the same day DA Davidson held Neutral at $270. Needham maintained Hold on Tuesday with no target at all.

AAPL Price Action: Apple shares were down 1.25% at $315.97 at the time of publication on Tuesday, according to Benzinga Pro data./p> div class="bz-read-next-block" data-variant="card" data-news-mode="manual" >

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