Oppenheimer Sticks with Perform Rating Despite Apple's Foldable Phone Launch

Oppenheimer reiterated its Perform rating on Apple Inc.'s stock following the company's recent product launch event led by new CEO John Ternus. The event introduced several new products, including the iPhone Duo, a foldable phone priced at $1,999, and the iPhone 18 Pro and Pro Max models, which come with a price increase of $100 over the previous generation.

Oppenheimer analyst Martin Yang noted that Apple emphasized privacy-related features in its Intelligence platform, but Siri AI remains in English-only beta and is unavailable in the European Union. The firm expects the iPhone Duo to become the most successful foldable phone on the market, with supply likely limited to 8 million to 10 million units this year due to capacity and yield constraints.

Apple also introduced its own C2 modem to several of its new devices, including the iPhone 18 Pro, Pro Max, and Duo. The firm identified CEVA, Corning Inc., and Universal Display Corporation as direct beneficiaries of the iPhone releases, citing increased adoption of Ceramic Shield in the Duo and larger display area requirements.