Goldman Sachs: Apple iPhone 18 Pro Price Increases by $100, Offset by Up to $1,200 in Carrier Subsidies

TechFlow reports, according to Chaotang Research, that in a September 9 research report, Goldman Sachs noted Apple has released the iPhone Duo, iPhone 18 Pro and Pro Max, Apple Watch Series 12 and Ultra 4, and AirPods 5. The iPhone Duo starts at $1,999, while the starting prices for the iPhone 18 Pro and Pro Max have been raised by $100 each to $1,199 and $1,299, respectively. AT&T and T-Mobile are offering trade-in subsidies of up to $1,200, bringing the actual out-of-pocket cost for the iPhone 18 Pro down to zero under eligible plans.

Goldman Sachs believes that the shift toward premium products will support higher iPhone ASPs, partially offsetting cost pressures. The firm maintains a Buy rating on Apple with a $360 target price, based on a 37x forward P/E ratio. Key risks include weak consumer demand, supply chain disruptions, intensifying competition, and regulatory pressure.