Apple’s Sept. 9 iPhone launch could pressure its shares if investors react negatively to higher prices, weaker demand or narrower gross margins (revenue left after direct costs). KeyBanc Capital Markets expects three new models: the iPhone 18 Pro, iPhone 18 Pro Max and a first-generation foldable iPhone (a phone with a flexible display), alongside two Apple Watch models, new AirPods and more detail on iOS 27 timing. The brokerage forecasts about 80 million iPhone 18 builds in the fourth quarter of fiscal 2026 and first quarter of fiscal 2027, versus roughly 91 million a year earlier, partly because it expects no base iPhone 18 model. KeyBanc models prices of $1,249 for the iPhone 18 Pro, $1,399 for the Pro Max and $2,199 for the Fold/Ultra, and maintains an Underweight rating with a $250 price target against a reported share price of $324.96. Apple shares have averaged declines of 0.72% on iPhone announcement days and 1.22% five trading days later over the past five years, according to KeyBanc.