Apple Debuts $1,999 iPhone Duo Foldable Under New CEO John Ternus as Stock Rises 3%

Apple unveiled its first foldable smartphone, the iPhone Duo, at its "Surprise and Shine" event on September 9, marking the most significant redesign of the iPhone in nearly two decades and the debut product showcase for new CEO John Ternus. The passport-shaped device starts at $1,999 and tops out at $3,199, with availability set for October 23. Apple also launched the iPhone 18 Pro at $1,199, a $100 increase over last year's model, and the iPhone 18 Pro Max, alongside AirPods 5, Apple Watch Series 12, and a forthcoming AI overhaul of Siri capable of recording and recapping live conversations.

The iPhone 18 Pro debuts Apple's in-house C2 modem, continuing the company's move away from Qualcomm, though the Pro Max retains the Qualcomm chip. Apple also made what analysts called its biggest change to iPhone release cadence in seven years. In India, the company raised prices on existing iPhone models by up to 41%, one of the steepest hikes globally.

Wall Street is divided on the launch. Morgan Stanley analyst Erik Woodring maintained an Overweight rating with a $360 price target, calling the Duo Apple's most innovative device in years and noting that 57% of iPhone users are on devices older than the iPhone 15 Pro, setting up potential for multiple years of above-trend growth. TD Cowen holds a Buy with a $400 target, citing the Duo's improved crease and software experience. JPMorgan, also Overweight at $340, sees Apple's software-hardware integration giving the Duo an edge over Android foldables. Jefferies holds an Underperform at $263.66, expecting early sellouts but remaining cautious on volume. BofA cut its price target to $370 from $380, citing margin pressure from rising memory costs. UBS reiterated a Neutral rating. Morningstar set a $290 fair value, expecting resilient but volume-limited demand at the $1,999 price.

Evercore's Amit Daryanani said Apple will sell as many iPhone Duos as it can manufacture in the first six months. Dan Ives estimated the Duo could eventually account for 20% of iPhone revenue, pointing to roughly 300 million iPhones that have gone four or more years without an upgrade. Gene Munster of Deepwater Asset Management projected the Duo will reach 10% of all iPhone unit sales. Some analysts flagged the risk that the Duo's large unfolded screen could cannibalize iPad sales. Melius Research sees the Duo's pricing as reshaping the bull case for iPhone revenue upside.

Apple shares, which saw mild selling pressure immediately after the event, recovered to trade up approximately 3% at $323.44 on Thursday. Options activity remained elevated. Samsung, which has sold foldables for years alongside Google and Huawei, acknowledged the competitive shift with what one report described as a "welcome to foldables" posture.