Apple: Company Confirmed Product Price Increases; Although We Expect Magnitude to be Lower than Press Estimates

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Apple: Company Confirmed Product Price Increases; Although We Expect Magnitude to be Lower than Press Estimates

J P M O R G A N North America Equity Research

18 June 2026

Apple

Company Confirmed Product Price Increases; Although Overweight

We Expect Magnitude to be Lower than Press AAPL, AAPL US

Estimates Price (17 Jun 26):$295.95

IT Hardware/ Telecom & Networking

EquipmentAs per press reports (see here), Tim Cook confirmed that Apple is expected to raise

prices of its products to offset the impact of rising cost of memory (DRAM and Samik Chatterjee, CFA AC

NAND). However, we believe that the $200+ increase in ASPs estimated by some (1-212) 622-0798

samik.x.chatterjee@jpmorgan.com

press reports (see here) is likely aggressive and does not incorporate offsets, and

Manmohanpreet Singh

instead we expect the iPhone 18 series launch to embed price increases that are

(1-212) 622-4527

more modest than the press estimates and more in the ~$50 or mid-single digit % manmohanpreet.singh@jpmchase.com

pt range (see prior report here or the table below for detailed assumptions). While Joseph Cardoso

we largely agree with the uprecedented pressure relative to memory prices cited by (1-212) 622-9036

the press reports, the variance between our view on the expected magnitude of price joseph.cardoso@jpmchase.com

increase from Apple stems from the impact of 1) typical BOM savings that Apple Marc Vitenzon

is able to drive across the component base; 2) further vertical integration, including (1-212) 622-3342

shift from Qualcomm modem to in-house modem for certain models; 3) ability to marc.vitenzon@jpmchase.com

incorporate pricing with the launch of the Foldable iPhone, which has limited prior Akanksh Chauhan

(1-212) 622-0045