Apple's New iPhone Prices Lower than Expected, BofA Says

10:59 AM EDT, 09/10/2026 (MT Newswires) -- Apple's (AAPL) new iPhone prices are lower than expected, which could boost sales but also put pressure on gross margins due to higher memory and component costs, BofA Securities analysts said in a Wednesday note. Analysts said that the new iPhones will allow artificial intelligence models to run on-device, while using Private Cloud Compute for more complex requests, with Siri AI set to become more capable and personalized over time. BofA said the iPhone Duo opens up a larger total addressable market for Apple, with the foldable screen enabling iPad-like productivity. Analysts raised their iPhone unit expectations for fiscal 2026 and fiscal 2027 by 2 million and 5 million units, respectively. BofA reiterated its buy rating on Apple but lowered its price target to $370 from $380. Price: 320.62, Change: +5.28, Percent Change: +1.67