Foldable iPhone Duo to Drive Apple Stock Gains or Not?

Apple's stock performance is being closely watched ahead of its new foldable iPhone Duo launch. The device, priced at $1,999, will be available for preorder on October 16 and released on October 23.

CNBC's Jim Cramer believes investors should be prepared to buy Apple if the stock weakens before the release, as he thinks Wall Street is underestimating the importance of the foldable model to the company's financial performance.

Morgan Stanley cut its price target for Apple from $360 to $355 while maintaining a 'buy' rating. The bank expects up to 20 million Duo units sold in the first cycle and $43 billion in fiscal 2027 revenue, which is about 14% of total iPhone sales that year.

Apple shares have pulled back from their recent 52-week high of $345.34, trading around $329 on Thursday afternoon, but remain up over 28% in the past six months.