Apple Stock Falls Ahead of Foldable iPhone Launch and Price Hikes

Apple's shares edged lower to around $319 per share ahead of its flagship 'Surprise and Shine' iPhone event on September 9. Analysts expect the launch of a foldable iPhone, likely called the iPhone Ultra, which could cost over $2,000.

The event marks Apple's first under new CEO John Ternus, who took over on September 1 with Tim Cook moving into the role of executive chairman. The tech giant faces soaring costs due to high memory prices driven by shortages and has projected fourth-quarter revenue between $111.7 billion and $113.7 billion, below Wall Street consensus.

Analyst Brandon Nispel from KeyBanc believes that if Apple raises prices more, it will improve profit margins but reduce the number of iPhones sold, making it a 'negative catalyst' for shares. He reaffirmed his Sell rating on AAPL with a price target of $250, implying about 24% downside.