Apple Stock Soars on Foldable iPhone Duo Launch
Apple's stock price surged 2.8% to $324.15 in afternoon trading, outperforming a weak broader market.
The rally came after Apple's 'Surprise and Shine' event, where it unveiled its iPhone Duo, the company's first foldable smartphone, priced at $1,999.
Analysts from top banks were largely bullish on the new product, with Citi describing it as the most significant new hardware category since the Apple Watch and AirPods.
Bank of America analyst Wamsi Mohan said the foldable form factor opens a 'meaningfully larger addressable market' for Apple, while Evercore ISI predicted that every unit produced in the first six months would be sold out.
However, not all analysts were convinced, with Jefferies downgrading its rating due to concerns over prioritizing volume over near-term profitability and Lynx Equity citing supply chain issues related to memory and flash availability in fiscal 2027.