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Apple (NASDAQ:AAPL) traded at $333.46 in Friday afternoon trading, up $6.89, or 2.11%, from its previous close of $326.57. The advance added to a string of signs of financial success at the iPhone maker heading into what analysts expect to be a demand-heavy holiday quarter. The stock extended its post-launch advance after Apple unveiled its first foldable iPhone and new AI-focused iPhone models this week.
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Shares extend rally
Shares opened at $327.46 and climbed as high as $336.22. The intraday low is $326.30, leaving the stock with a wide range after the prior close at $326.57. The afternoon gain keeps AAPL near the upper half of the day's trading range.
Foldable iPhone leads news
Apple unveiled the iPhone Duo, a $1,999 foldable smartphone, at its annual September product event. The device marks Apple's first foldable phone and a major shift in the iPhone form factor. The Duo starts with storage options from 256 GB to 2 TB, placing it at the premium end of Apple's smartphone lineup.
Apple also introduced the iPhone 18 Pro and iPhone 18 Pro Max models with AI upgrades, including a revamped Siri AI that acts as a personal chatbot for users. The iPhone 18 Pro starts at $1,199, while the iPhone 18 Pro Max starts at $1,299.
Analysts focus on demand
Analyst reaction has been mixed, but several firms stayed positive after the launch. Citi maintained a Buy rating and a $365 price target and called the Duo Apple's biggest new hardware category since the Apple Watch and AirPods. HSBC was cited as continuing a Buy rating with a $366 target.
Evercore ISI predicted Apple would sell every iPhone Duo unit it can produce in the first six months. Bank of America analyst Wamsi Mohan said the foldable form factor opens a meaningfully larger addressable market for Apple, keeping demand at the center of the post-event debate.
Options activity stays elevated
Options activity around AAPL stayed active after the product event, with calls drawing notable interest. Schaeffer's Research reported that AAPL saw more than 8.3 million calls and 3.5 million puts exchanged over the prior two weeks, and 1.86 million calls were crossed during the session it reviewed, twice the intraday average call volume.
A call option is a contract that can gain value when a stock rises. The activity suggests traders were using the options market to position around the new product cycle and the stock's sharp move, with the weekly 9/11 325-strike call cited as the most active contract.
Skeptics remain in view
Not every Wall Street response was positive. BofA Securities lowered its price target to $370 from $380 while maintaining a Buy rating, citing lower-than-expected iPhone pricing that could support unit sales but pressure gross margins because memory and component costs were higher.
Jefferies maintained an Underperform rating and a $263.66 target, pointing to concerns over Apple's pricing strategy and the impact on demand and margins. Lynx Equity downgraded Apple and cited challenges securing memory and flash supply, another sign that analysts are watching supply availability as closely as early customer interest.
Bottom line
Apple's Friday move keeps the market focused on whether the iPhone Duo can become a meaningful new growth driver rather than a one-day launch story. For readers looking to start investing around large-cap tech catalysts, the setup here is worth watching closely. The next points of focus are early demand signals, supply availability, and whether AI features in the iPhone 18 Pro lineup can support the broader upgrade cycle.
This article is for informational purposes only and should not be considered investment advice.
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