Oppenheimer Reiterates Perform Rating on Apple
Oppenheimer analyst Martin Yang reiterated a Perform rating on Apple (NASDAQ: AAPL).
“John Ternus’ first event as Apple CEO introduced one of the most consequential changes in the iPhone, a foldable phone (iPhone Duo) priced at $1,999.
Apple also revealed iPhone 18 Pro/Pro Max with incremental upgrades vs. iPhone 17 Pro/Pro Max, priced $100 higher at $1,199/$1,299.
AirPods 5 and Apple Watch Series 12/Ultra 4 are the standouts: more capability at flat or even lower prices.
Apple Intelligence again led on privacy-related value proposition, but Siri AI remains in English-only beta and is not available in the EU.
We expect iPhone Duo to emerge as the most successful foldable phone on the market, but supply is likely limited to 8M-10M this year due to capacity and yield constraints. Reiterate Perform.
Coverage Impact: We see CEVA, GLW, and OLED as direct beneficiaries of the recent iPhone releases.
Apple introduced its own C2 modem to 18 Pro/Pro Max in most markets (except for Pro Max in the US, most likely) and to Duo. GLW benefits from more adoption of Ceramic shield in Duo.
OLED benefits from Duo’s larger display area, while display performance has no upgrades.”
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