// 9TO5MAC — MOBILE & WEB
Report: iPhone price hike ‘better than feared,’ iPhone Duo to drive demand for the cycle
In an investor note seen by 9to5Mac, analyst Jeff Pu noted that while this week’s iPhone price hike was better than feared, the iPhone Duo is still likely to drive demand for the cycle, as early consumer interest appears strong. Here are the details.
According to GF Securities’ Jeff Pu, Apple’s $100 price hike for the new iPhone 18 Pro models came in below market expectations, which had pegged it at the $200–250 range.
He noted, however, that “the iPhone 18 series [will] likely face margin pressure, alongside limited hardware upgrades,” adding that the analysis company remains “cautious on the iPhone 18 Pro product cycle.”
When it comes to the iPhone Duo, Pu said the $1,999 device came in at the low end of the expected $2,000–2,500 price range and that he expects Apple to ship 7 million units through the end of the year.
For 2H26, we expect the iPhone 18 family to be supported by iPhone Duo (~7m units), while we see uncertainty around demand for iPhone 18 Pro/Pro Max and the impact on margin. Consumer interest in iPhone Duo appears strong, driven by Apple’s first major form-factor innovation in years and a differentiated large-screen experience, thus we view iPhone Duo as a key demand driver for the iPhone 18 family and see post-launch order lead time and supply-chain build revisions as key indicators to watch.
Pu set a “hold” recommendation for Apple’s stock, defining the iPhone 18 series as a modest cycle, with its potential margin pressure and limited hardware upgrades “partially offset by the support of iPhone Duo.”
Under GF Securities’ rating system, a “Hold” implies expected relative stock performance of between -10% and 10%.
Finally, Pu shared GF Securities’ iPhone build forecast for the fourth quarter of 2026, which calls for 57 million iPhone 18-series units and 76 million iPhones overall, down 7% from the year-ago quarter:
Do you agree with Pu’s analysis? Let us know in the comments.
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