Key Takeaways
- CEO John Ternus introduced the iPhone Duo, Apple’s inaugural foldable device, carrying a $2,000 price tag
- Only premium-tier iPhone 18 models will debut this year; standard versions postponed until 2027
- Enhanced Siri AI functionality launches in beta shortly but remains unavailable in EU and Chinese markets
- Payden & Rygel expanded its Apple holdings by 276% during Q2, elevating it to their portfolio’s second-largest position
- Wall Street analysts maintain a “Moderate Buy” consensus with a $331.53 average target price
Thursday marked a pivotal moment for [[LINK_START_1]]Apple[[LINK_END_1]] as newly appointed CEO John Ternus orchestrated the company’s most significant hardware reveal of 2025, emphasizing display innovation over artificial intelligence capabilities.
The centerpiece announcement was the iPhone Duo, representing Apple’s inaugural entry into the foldable smartphone market with a $1,999 retail price. This device boasts a 7.6-inch interior display when opened and features a 5.4-inch external screen. Ternus criticized rival foldable devices as resembling “two phones awkwardly stuck together,” framing the Duo as Apple’s refined alternative.
AAPL shares commenced trading Thursday at $315.34, reflecting a 16% gain year-to-date before the session began. The stock currently trades within a 52-week band of $225.95 to $344.57, supporting a market capitalization of $4.60 trillion.
The iPhone 18 series will exclusively feature high-end models at launch. Consumers seeking more affordable base configurations must wait until the following year. Additionally, Apple implemented a $100 price increase on iPhone 18 Pro models while adjusting pricing upward on legacy devices.
The highly anticipated Siri AI enhancement enters beta testing this month, though regulatory complications prevent its availability in the European Union and China during initial rollout.
Institutional Ownership Trends
Investment firm Payden & Rygel dramatically expanded its Apple stake during the second quarter, increasing holdings by 275.8% to reach 138,310 shares valued at approximately $40 million. This position now represents 3.1% of their total portfolio and ranks as their second-largest investment.
Major institutional activity extended beyond Payden & Rygel. Norges Bank established a fresh position valued near $52.3 billion in Q4. Nuveen initiated a $17.5 billion stake in Q1. Vanguard expanded its holdings by 1.9% during Q4, accumulating 1.43 billion shares worth $387.7 billion. Institutional investors collectively control 67.73% of outstanding AAPL shares.
Apple’s most recent quarterly report showed earnings of $2.02 per share, surpassing analyst projections of $1.89 by $0.13. Revenue reached $109.42 billion, marking a 16.4% year-over-year increase and marginally exceeding the $109.04 billion consensus forecast.
Analyst Perspectives
Wall Street analysts offer varied outlooks following the product launch. Wedbush Securities retained its “outperform” designation with a $400 price objective. Tigress Financial maintained a “strong buy” stance with a $375 target. Rosenblatt elevated its price target from $300 to $303 while keeping a “neutral” rating. Barclays continued its “underweight” position with a $245 target.
Across 39 analysts surveyed, the collective rating stands at “Moderate Buy” with an average price projection of $331.53.
Competitive dynamics intensified as Huawei preemptively launched its Mate XT2 tri-fold smartphone before Apple’s presentation, creating immediate market pressure for the Duo.
Thursday’s event encompassed additional hardware refreshes, including AirPods 5, Apple Watch Series 12, and Watch Ultra 4, representing a comprehensive product lineup update.
Technical enhancements to the iPhone 18 Pro include a 2-nanometer A20 Pro processor, enhanced camera systems, extended battery performance, and upgraded Siri functionality.
Equity research analysts project Apple will deliver $8.74 in earnings per share for the full fiscal year.
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