Apple stock slides after analyst calls iPhone 18 Pro preorders ‘lukewarm’

Apple ↗ 0.05% shares fell on Tuesday after GF Securities analyst Jeff Pu described preorder demand for the iPhone 18 Pro lineup as "lukewarm," citing limited feature upgrades and higher pricing as the primary culprits behind the muted start.investors+1

Soft Numbers and a Trimmed Forecast

Preorders for the iPhone 18 Pro and iPhone 18 Pro Max opened on September 12, with in-store availability set for Friday, September 18. In a note to clients, Pu pointed to shorter-than-expected wait times as evidence of underwhelming interest, noting that nearly every iPhone 18 Pro configuration remains available for immediate shipping in the United States. Wait times of three to four weeks exist only for select Pro Max storage options, while the standard Pro models show almost no backlog.apple+3

Pu lowered his production estimate for the iPhone 18 Pro and Pro Max to 72 million units, attributing part of the reduction to supply constraints tied to a new variable aperture camera. The iPhone 18 Pro starts at $1,199 and the Pro Max at $1,299, with 2TB configurations reaching $2,399 and $2,499 respectively — price points that Pu had flagged as a concern as early as August, when he downgraded Apple to a "Hold" rating over anticipated cost increases.macrumors+3

iPhone Duo Looms as a Competing Draw

Pu also suggested the upcoming iPhone Duo, Apple's first foldable smartphone, could cannibalize Pro Max sales. The Duo, priced at $1,999, opens for preorder on October 16 and hits shelves October 23. Apple unveiled the device alongside the iPhone 18 Pro family at its September 9 event, generating considerable attention for its passport-style foldable design and A20 Pro chip.apple+2

Valuation Questions Persist

The stock had entered Tuesday trading at $333.08, reflecting a roughly 23 percent gain year to date and a more than 41 percent total shareholder return over the prior twelve months. A Simply Wall St analysis published Tuesday pegged Apple's fair value at $253.43, arguing the share price already incorporates strong enthusiasm around the company's AI features and device ecosystem. Whether the softer-than-expected iPhone 18 Pro demand marks a temporary pause or a more lasting signal will depend in part on how buyers respond once devices reach stores Friday — and whether the foldable Duo draws enough of its own momentum next month.finance.yahoo