Keybanc has historically had an Apple stock price target below reality, and its latest commentary about a lack of a non-Pro iPhone debut on Wednesday ignores a few key factors.
Mockup of a possible iPhone 18 Pro Max, which is rumored to come in a dark cherry red.
When Apple launches its new iPhones on September 9, 2026, it’s expected to make two key changes. As well as the predicted announcement of a foldable iPhone Ultra, Apple is not believed to be launching its usual base iPhone models until spring 2027.
According to KeyBanc, these two factors present a potentially serious problem because it may lead investors to focus on the short term. That means them seeing that the models being launched are more expensive than before, and there’s no lower-end iPhone to capture that market.