Expectations ‘tempered’ for Apple’s next iPhone cycle, says BofA

BofA analyst Wamsi Mohan notes media reports and tech websites pointing to Tuesday, September 9, as a potential launch date for iPhone 17 with pre-orders starting September 12 and new iPhones reaching stores on September 19, but adds that none of that is officially announced yet. While the firm expects the main feature to be the launch of a slim iPhone 17 Air to replace the current Plus model, it contends that investor expectations for the benefit from a thin phone are “more tempered” than in cases when prior form factor changes have driven a meaningfully higher next iPhone cycle. BofA, which models iPhone unit sales growing 1% year-over-year in FY26 to 235M units, calls this “mostly in-line” with the Street at 233M, and keeps a Buy rating and $250 price target on Apple (AAPL) shares.