Citi analyst Atif Malik says investors should start preparing for Apple’s foldable iPhone, even if consumers aren’t quite ready yet.
Malik expects Apple to begin a rapid rollout of the foldable model later this year, with momentum building through 2027. He believes the device will debut at Apple’s annual fall event alongside the iPhone 18 Pro and Pro Max.
With an expected price around $2,000, Malik forecasts limited shipments of about 8 million units in 2026, roughly 3% of total iPhone volume, before scaling up to around 20 million units in 2027.
The analyst reiterated a Buy rating on Apple, though he lowered his price target to $315 from $330, citing margin pressure from rising memory chip costs. Roughly half of Wall Street analysts currently rate Apple a Buy, according to Yahoo Finance.
Apple shares have underperformed over the past year as investors shifted toward more AI-focused names like Nvidia and Microsoft, while renewed trade tensions in Europe and China have added pressure. Still, analysts see potential catalysts ahead, including the foldable iPhone and a revamped Siri powered by Google’s Gemini AI, which could encourage long-delayed upgrade cycles among iPhone users.