Apple Stock Rallies on Foldable Phone Launch
Apple stock surged 2.8% in afternoon trading to reach $324.15, outperforming a weak broader market.
The rally came after Apple's 'Surprise and Shine' event, where the company unveiled its first foldable smartphone, the iPhone Duo, priced at $1,999.
Analysts responded positively to the new product launch, with Citi saying it represents the most significant new hardware category since the Apple Watch and AirPods.
Bank of America's Wamsi Mohan argued that the foldable form factor opens up a meaningfully larger addressable market for Apple, while Evercore ISI predicted strong demand, expecting every unit to be sold out within six months.
However, Jefferies kept an Underperform rating, citing concerns about prioritizing volume over near-term profitability, and Lynx Equity downgraded the stock due to supply chain worries related to memory and flash availability in fiscal 2027.