Morgan Stanley is projecting that Apple’s (AAPL) first foldable iPhone will contribute roughly $14 billion in added revenue during the December quarter amid tight early supply and major price increases.
The analysis describes the device as the biggest iPhone form-factor change since the 2017 iPhone X.
Erik Woodring, the head of US technology hardware equity research at the bank, said shipments are expected to begin in October or early November 2026, with 7 million to 8 million units built in the second half of the year and as many as 20 million over the full first product cycle.
Strong early demand is anticipated, yet supply will remain constrained, the report states.
The September 9th product event will also test pricing power, with Pro models rising more than $200 year over year due to higher memory costs and the broadest like-for-like price increases in company history.
A key technical upgrade involves TSMC’s 2-nanometer process for improved on-device AI performance.
Other estimates place the foldable model’s price between $2,300 and $2,500.
Woodring maintained an Overweight rating and a $360 price target on the stock, saying that AAPL tends to outperform heading into launch events but bullish momentum dwindles on the day itself. Woodring added that sustained gains will ultimately depend on later estimate revisions.
As of Wednesday’s close, APPL is trading at $324.
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