Citi analysts suggest that although a foldable iPhone may not yet resonate with consumers, the potential impact means investors should begin preparing now.
According to analyst Atif Malik, Apple could start scaling up production of a foldable iPhone later this year, carrying momentum into 2027, with a possible unveiling at the company’s fall launch next to the iPhone 18 Pro and Pro Max.
Malik outlined his expectations in a client note on Tuesday, estimating that the foldable iPhone’s premium pricing of around $2,000 would limit shipments to roughly 8 million units in 2026, or about 3% of total iPhone shipments, with growth to 20 million units in 2027.
The timing matters because Apple’s stock has been looking for a spark. Shares are up 11% over the past year, but that still lags the S&P 500’s 15% gain. So far in 2026, Apple is down 6%, tied with Meta for the worst showing among the “Magnificent Seven,” as investors pile into AI-heavy names like Nvidia and Microsoft and worry about fresh trade tensions with Europe and China.
Malik maintained a Buy rating on Apple, in line with about half of Wall Street analysts, according to Yahoo Finance data, but lowered his price target to $315 from $330 due to margin risk from increasing memory chip prices.
Analysts see two possible near-term boosts for Apple. One is its newly finalized deal with Google, which will bring Google’s Gemini AI models and cloud tech into the next version of Siri. Some critics call it an admission that Apple is playing catch-up in AI, but it still puts the company firmly in the game.
A foldable iPhone could also help jump-start a slowing upgrade cycle. Research from Consumer Intelligence Research Partners shows that more than a third of U.S. buyers held onto their last iPhone for three years or more, and the share of people upgrading from phones at least two years old climbed to 70% in 2024, up from 66% the year before.
Bank of America’s Wamsi Mohan agrees these moves could get people upgrading again. He said a foldable iPhone expected in the fall, along with a smarter Siri powered by Gemini AI, could give consumers a reason to buy sooner.
As a fall launch approaches, Apple is hoping that an expensive but eye-catching new design, combined with fresh AI features, can change how both investors and consumers see the company.
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