Apple's Foldable Duo Represents 'Notable Form-Factor Change' for iPhone Lineup, UBS Says

01:31 PM EDT, 09/10/2026 (MT Newswires) -- Apple (AAPL) new foldable iPhone represents a "notable form-factor change" for the iPhone lineup, while $100 price increases for the Pro and Pro Max models strike a reasonable balance between demand and rising component costs, UBS Securities said in a report emailed Thursday. The three model lineup was "largely" as expected, the firm said, adding that the initial demand for the Duo could be strong among "existing Apple customers," with more than 5 million units potentially sold in fiscal 2026. The firm said incremental units could be about 6 million, or roughly a 2% tailwind to the 261 million iPhone units forecast for fiscal 2026, if more Pro, Pro Max customers are drawn into the new form factor. It left iPhone estimates "unchanged," forecasting fiscal 2026 iPhone revenue of $252.4 billion and unit sales of 261 million. The firm noted Apple raised Pro and Pro Max prices by $100, in-line with its expectations. While this price increase does not fully offset rising memory costs, a larger $200 increase would have materially weakened demand, according to the note. UBS kept its neutral rating on Apple, with a price target of $296 per share. Price: 321.95, Change: +6.61, Percent Change: +2.10