Goldman Sachs on Apple (AAPL.US): September 2026 'Surprise and Shine' Event Recap — iPhone Duo, New iPhone 18 Pro Series, Watch and AirPods 5
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Goldman Sachs maintains its Buy on Apple (AAPL) with a 12-month target of $360.00, implying 14.2% upside from the September 9 close of $315.34 and an enterprise value near $4.6 trillion. At the 'Surprise and Shine' event, Apple launched the foldable iPhone Duo, iPhone 18 Pro/Pro Max, Apple Watch Series 12 and Ultra 4, and AirPods 5; key features—the foldable form factor, Touch ID on Duo, A20-series chips and rear cameras—largely matched expectations and should sustain device momentum. The iPhone 18 rolls out in stages, with lower-priced models expected in spring 2027; the 18 Pro/Pro Max carry an explicit $100 price increase and the 18 Pro adds a 2TB tier, supporting continued ASP gains, favorable mix and revenue upside that partially offsets margin headwinds. Affordability is aided by the Klarna-based Apple Upgrade program (24-month payments of $57.99 for Duo, $37.99 Pro Max, $34.99 Pro) and up to $1,200 trade-in credits at AT&T and T-Mobile. Pre-orders for the 18 Pro/Pro Max begin September 12 across 63+ countries with sales from September 18; Duo pre-orders open October 16 and sales October 23. Goldman's thesis: worries about slowing product revenue obscure ecosystem strength, with services driving most gross-profit growth over the next five years. Risks include iPhone dependence (~50% of F2025 revenue), China assembly concentration, competition and regulatory scrutiny.
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