Written by: Rita

Apple has redefined the price anchor of its iPhone product line with a launch event. The foldable model makes its debut, and the starting price of the Pro series increases by $100, while carrier subsidies make the actual payment price even lower.

On September 9, Apple held the "Surprise and Shine" special event, unveiling the iPhone Duo, iPhone 18 Pro, iPhone 18 Pro Max, Apple Watch Series 12, Apple Watch Ultra 4, and AirPods 5. Goldman Sachs released a research report after the event, indicating that key product features and pricing are largely in line with expectations, and the trend towards premium products will support revenue growth, partly offsetting cost pressures. Goldman Sachs maintains a buy rating on Apple with a target price of $360, which is 14.2% higher than the current $315.34.

The iPhone Duo is priced at $1999, in line with market expectations

The iPhone Duo is Apple's first foldable smartphone. The unfolded screen size is 7.6 inches, with an outer secondary screen of 5.4 inches. When unfolded, its thickness is only 0.21 inches, making it Apple's thinnest phone to date. The total weight is 8.96 ounces, slightly heavier than the iPhone 18 Pro Max at 8.78 ounces.

In terms of hardware configuration, the iPhone Duo is equipped with the A20 Pro chip (2nm process), a 6-core CPU, and a 7-core GPU, with performance improved by 20% compared to the A19 Pro. The inner screen video playback lasts up to 31 hours, while the outer screen lasts up to 44 hours. The rear camera features a dual fusion system with 48 megapixels, and the front camera has a 12-megapixel Center Stage lens. This model uses Touch ID for unlocking, while the Pro series uses Face ID.

Storage options include 256GB, 512GB, 1TB, and 2TB, with a starting price of $1999. This price is basically consistent with media expectations prior to the launch event. Colors include Star White and Night Sky. The iPhone Duo will begin pre-sales on October 16 and officially launch on October 23.

The iPhone 18 Pro increases in price by $100, with carrier subsidies making it free

The starting prices for the iPhone 18 Pro and Pro Max increase by $100, reaching $1199 and $1299, respectively. A 2TB version is introduced, which is the first time this capacity is offered in the Pro series. Colors include Wine Red, Glacier, Silver, and Black.

Along with the price increase, Apple rolled out the Apple Upgrade leasing program and carrier promotions to lower the barriers. The Apple Upgrade program offers hardware leasing through Klarna, with the iPhone 18 Pro available for $34.99 per month (24 months), the Pro Max at $37.99 per month, and the Duo at $57.99 per month. Users can upgrade, purchase, or return the device at the end of the lease.

Carrier subsidies are even more generous. AT&T and T-Mobile offer discounts of up to $1200, making the actual payment price for the iPhone 18 Pro $0 and for the Pro Max $99 under qualifying plans. This level of subsidy is consistent with the promotional intensity during the last generation of product releases, effectively offsetting the impact of the price increase on consumers.

Goldman Sachs pointed out that due to the split release of the iPhone 18 series, lower-end models (iPhone 18e, iPhone 18 base model, iPhone Air 2) are expected to launch in spring 2027, and iPhone shipments for F4Q26E and F1Q27E may decline year-over-year. However, the ASP will benefit from the concentration of purchasing demand on high-end models and the $100 price increase. Goldman Sachs believes that improvements in pricing and combinations will drive revenue growth and partially alleviate profit margin pressures.

Apple Watch and AirPods updates, enhanced health and AI features

Apple Watch Series 12 and Ultra 4 were updated at this launch event. Series 12 offers sizes of 42mm and 46mm, with the aluminum GPS version starting at $399/$449, and the cellular version at $499/$549. The titanium version starts at $699/$749, and a new ceramic version starts at $899/$949. The Ultra 4 starts at $799, with battery life extending up to 84 hours in low-power mode, doubling that of the Ultra 3 at 42 hours.

Health features are a key focus of this update. A new health sensor system and background heart rate variability readings have been added, supporting the Readiness score feature presented in a redesigned health app. Apple Intelligence audio smart features are also launched, including sound recognition, real-time playback, and Siri summaries, expected to be released later this year in beta.

AirPods 5 launches with two versions, featuring improved active noise cancellation, allowing for up to 5 hours of music playback with noise cancellation enabled. New dustproof, sweatproof, and waterproof designs are introduced, supporting hands-free Siri access and real-time translation features. The standard version is priced at $129, while the wireless charging case with volume slider version is priced at $149. Pre-sales begin on September 9, with shipping on September 18.

Goldman Sachs maintains buy rating, target price $360

Goldman Sachs maintains a buy rating on Apple, with a 12-month target price of $360, based on a forward P/E ratio of 37 times. Goldman Sachs believes that the market's concern over slowed revenue growth is overshadowing the strength and revenue sustainability of Apple's ecosystem. Installed base growth, structural growth in services, and new product innovation will offset the cyclical resistance faced by product revenues.

Key risks outlined by Goldman Sachs include: weak consumer demand, supply chain disruptions, increased competition, regulatory risks, and capital allocation execution. Approximately 50% of Apple's revenue comes from the iPhone, making it highly dependent on upgrade demand. Macroeconomic headwinds, increased product durability, or a lack of innovation could extend the upgrade cycle and depress upgrade demand.

Apple's launch event conveyed a clear message: the trend towards premium continues, and Apple is leveraging financial tools and partnerships with carriers to manage the impact of price increases on demand. The inclusion of a foldable screen opens a new price ceiling, while the price increase in the Pro series is mitigated by subsidies. The implicit assumption in Goldman Sachs' target price is that growth in services will take over hardware, becoming Apple's profit engine for the next decade.

Disclaimer

This article is a整理与解读 by潮向研究 of a third-party brokerage research report (Goldman Sachs, September 9, 2026), in conjunction with publicly available market information. The ratings, target prices, earnings forecasts, and related judgments quoted in this text are the views of the analysts of the brokerage firm and only represent the position of their institution, not the views of潮向研究, nor do they constitute any investment advice.

The market has risks, and decisions should be made independently. This article should not be used as a basis for buying or selling any securities.