Apple (NASDAQ: AAPL) entered a new chapter on Sept. 1 when John Ternus officially replaced Tim Cook as chief executive, ending a 15-year tenure at the top.
Cook’s departure marks only the third major leadership transition in Apple’s history, following the late founder Steve Jobs, who led the company from the 1990s until his death in 2011.
Ternus will make his public debut as CEO at Apple’s Sept. 9 product event, named “Surprise and Shine,” where he is expected to introduce a sweeping lineup of new devices.
The centerpiece of the event is widely anticipated to be Apple’s first-ever foldable smartphone, which insider publication Mac Rumors reports will be called the iPhone Ultra.
The full lineup is expected to include the iPhone 18, iPhone 18 Pro, and iPhone 18 Pro Max, alongside new Apple Watches, MacBooks, iPads, AirPods, and a new Home Hub.
Pricing for the iPhone 18 range is projected to run 10% to 20% higher than their iPhone 17 counterparts, driven in part by increased memory costs across the product line.
The foldable iPhone Ultra is expected to carry a retail price exceeding $2,000, making it Apple’s most expensive smartphone offering to date.
Analysts at Morgan Stanley estimate the foldable device alone could generate as much as $14 billion in revenue for Apple during the December quarter.
Morgan Stanley rates Apple stock as a buy, carrying a price target of $360 per share, implying roughly 9% upside from the current price of approximately $330 per share.
Apple shares have climbed around 8% over the past month heading into the event, continuing a broader rally that has pushed the stock up approximately 30% since April 1 and about 21% year to date.
The stock is not trading cheaply, currently valued at 37 times earnings, raising the prospect of a “sell the news” pullback once the event concludes and weaker September-quarter results arrive in October.
Investors with a longer view may find that any post-event dip, ahead of new product availability hitting retail shelves, represents a more attractive entry point into the stock.
