Apple's iPhone Duo, the company's first foldable device, is showing promising early demand, with preorders indicating a lead time of over three months for certain configurations. Jim Cramer had previously predicted that the Duo would be a major growth driver for Apple, and early signs support this claim.
Morgan Stanley noted that the global average preorder lead time for the Duo is the longest recorded for any iPhone model in the past decade, suggesting both high demand and limited supply. Analysts from Melius Research estimate that Apple could sell at least 15 million Duo units by fiscal year 2027, generating around $40 billion in revenue, with a significant portion being incremental.
This potential success of the Duo could also positively impact sales of the iPhone 18 models, as consumers may be holding off on those purchases in anticipation of the Duo. Melius Research maintains a buy rating on Apple with a price target of $370, indicating further upside potential.
Apple's stock has seen a substantial increase, climbing over 41% since hitting a 52-week low earlier this year, and is currently trading around $342 per share. Investors are keenly awaiting Apple's upcoming earnings report on November 2, which will provide insights into the company's performance and outlook for the holiday quarter