KeyBanc keeps Apple Underweight at $250 as iPhone 18 upgrade risk rises

As seen on the 24/7 Wall St. homepage on October 19, 2026.

DeItaone @deitaone

KeyBanc is staying Underweight with a $250 target, arguing the iPhone 18 supercycle thesis breaks if pricier phones and thinner carrier deals stretch upgrade timelines.

$AAPL - KEYBANC WARNS APPLE'S IPHONE 18 MOMENTUM MAY FADE KeyBanc reiterated its Underweight rating and $250 price target on Apple following a survey of 2,046 iPhone users. The firm warns that higher prices, fewer carrier promotions and longer upgrade cycles could weaken
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KeyBanc reiterated its Underweight rating and $250 price target on Apple after surveying 2,046 iPhone users, giving bears institutional cover heading into the iPhone 18 cycle.

Higher iPhone 18 prices, thinner carrier promotions, and longer upgrade cycles undercut the supercycle narrative bulls have used to justify the valuation.

The pool of motivated upgraders shrinks faster than the market expects.

For investors already skeptical of a sustained iPhone demand wave, this note adds institutional cover to a cautious stance heading into the product cycle.

Sources

Mentioned: AAPL

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