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Analyst Says iPhone 18 Pro Price Hike Is Better Than Feared, iPhone Duo to Drive Cycle

GF Securities analyst Jeff Pu says Apple’s $100 iPhone 18 Pro price increase was below market expectations, while the $1,999 iPhone Duo is expected to ship 7 million units and drive iPhone 18 demand.

AI News Feed · 2026-09-12 07:28

Pu said the $100 hike came in below market expectations, which had ranged from $200 to $250. He remained cautious on the iPhone 18 Pro product cycle, saying the iPhone 18 series will likely face margin pressure along with limited hardware upgrades.

By contrast, Pu said the iPhone Duo’s $1,999 price came in at the low end of an expected $2,000 to $2,500 range. He expects Apple to ship about 7 million iPhone Duo units through the end of the year. Consumer interest in the device appears strong, driven by Apple’s first major form-factor innovation in years and a differentiated large-screen experience, according to the note.

Pu described the iPhone Duo as a key demand driver for the iPhone 18 family. The analyst added that post-launch order lead time and supply-chain build revisions are key indicators to watch. For the second half of 2026, he expects the iPhone 18 family to be supported by the iPhone Duo, while demand for the iPhone 18 Pro and Pro Max and the impact on margin remain uncertain.

GF Securities set a hold recommendation on Apple’s stock. Under its rating system, a hold implies expected relative stock performance of between -10% and 10%. Pu characterized the iPhone 18 series as a modest cycle, with potential margin pressure and limited hardware upgrades partially offset by support from the iPhone Duo.

The note also included GF Securities’ iPhone build forecast for the fourth quarter of 2026: 57 million iPhone 18-series units and 76 million iPhones overall, down 7% from the year-ago quarter.