Apple Inc.: Pricing is the next lever; adjusting estimates

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Apple Inc.: Pricing is the next lever; adjusting estimates

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Apple Inc.

Pricing is the next lever; adjusting

estimates

Reiterate Rating: BUY | PO: 380.00 USD | Price: 295.95 USD

Apple to adjust pricing of products to offset memory costs 18 June 2026

In an exclusive interview with the Wall Street Journal (reported on June 17), outgoing Equity

CEO Tim Cook noted that Apple is forced to raise pricing to offset the impact of

escalating memory costs. We had already expected Apple to raise pricing and had

Key Changesreflected about $100 price increase in our prior estimates. With CEO Cook confirming

the pricing lever and the continued rise in memory pricing, we raise pricing by an (US$) Previous Current

additional $100 on the Pro and Pro-Max models. We leave the base model unchanged 2026E Rev (m) 468,701.3 469,821.1

and leave the Air ASP as is (already reflecting $100 increase). This strategy, in our 2027E Rev (m) 531,398.3 534,991.9

opinion, leverages share gains at the lower end and pushes prices higher in the more 2028E Rev (m) 562,610.5 574,001.9

inelastic segments. Reiterate Buy. 2026E EPS 8.61 8.63

2027E EPS 9.96 9.89

2028E EPS 10.84 10.85Pricing across all products; some unit and margin impact

We assume that the pricing goes up for Mac, iPad as well and we commensurately lower

unit demand for all product categories marginally. We think there could be an additional Wamsi Mohan

Research Analyst

100bps of gross margin headwinds in products but expect services margins to remain BofAS

stable with some potential upside to be a potential offset. We also expect Apple to +1 646 855 3854 wamsi.mohan@bofa.com

offset some of the component price increases by additional offsets in other areas of the

Ruplu Bhattacharya

bill of materials.