Apple Shares Tumble as iPhone 18 Pro Max Valuation Hits 37x Earnings

Apple shares edged down 0.2% in premarket trading ahead of its September 9 event, where it will unveil new products, including possibly a foldable device and updated iPhone models.

The company's valuation is approaching 37 times earnings, with the current price target at $337.55, according to analysts.

Investors are focused on the average selling price of the new iPhones, which could boost revenue mix and help counteract higher component costs, as the iPhone remains Apple's biggest revenue source.