Apple iPhone 18 Pro Sales Support Bullish Outlook
Apple iPhone 18 Pro sales are supported by U.S. carrier trade-in promotions that largely offset higher prices and bolster analyst bullishness on demand.
KEY TAKEAWAYS
- Apple scheduled iPhone 18 Pro shipments to begin Sept. 18.
- U.S. carrier trade-in promotions largely offset higher Pro prices and support the upgrade cycle.
- Bank of America reiterated Buy with a $370 12-month objective citing promos, capital returns and on-device AI.
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Apple Inc. said on Sept. 9 that it will begin shipping the iPhone 18 Pro and iPhone 18 Pro Max on Sept. 18. U.S. carrier trade-in promotions are expected to support Apple iPhone 18 Pro sales by largely offsetting higher prices and sustaining the upgrade cycle.
Launch Timeline and Product Details
Apple’s September hardware lineup includes the iPhone 18 Pro and iPhone 18 Pro Max, the iPhone Duo foldable, Apple Watch Series 12, Apple Watch Ultra 4, and AirPods 5. Pre-orders opened Sept. 12, with deliveries staggered through September and October.
The Pro models start at higher prices than the previous generation and feature an A20 Pro chip with a 32-core Neural Engine and an upgraded cooling system. Apple said sustained performance is up to 40% faster than the prior A19 Pro. The company plans to release iOS 27 and watchOS 27 in mid-September to coincide with the new devices.
Carrier Promotions and Affordability
U.S. carriers have introduced richer trade-in incentives that largely offset Apple’s higher iPhone 18 Pro and Pro Max prices, supporting the upgrade cycle. Maximum trade-in credit for the iPhone 18 Pro Max has increased to about $1,200, compared with $1,100 for the prior Pro Max and $1,000 two years ago.
Top credits target users with recent models: Verizon and AT&T generally require an iPhone 14 or newer, while T-Mobile often demands an iPhone 15 Pro or newer plus enrollment in specified high-end plans. These credits are typically issued as monthly bill credits over 24 to 36 months and require customers to remain on premium unlimited plans, which extends tenure and boosts carriers’ service revenue.
Apple’s own trade-in program offers roughly $175 to $885 for an iPhone 13 or later, below the most aggressive carrier offers. Customers still face activation fees of about $35 to $40 and taxes on the full retail price. Initial out-of-pocket costs are estimated at about $291 to $296 for the iPhone 18 Pro and $400 to $405 for the Pro Max in scenarios that include AppleCare+.
Analyst Outlook and Implications
A Wall Street research note reiterated a Buy rating on Apple with a 12-month price target of $370. The analyst cited carrier promotions and financing programs that improve affordability and support a strong iPhone upgrade cycle. The note also highlighted potential upside from capital returns, including share repurchases and dividends, and from Apple’s expected leadership in on-device artificial intelligence (AI) enabled by improved Neural Engines.
The research projects these factors could sustain demand and create a path toward a new all-time high for Apple shares over the next 12 months. The outlook links device demand, capital returns, and AI differentiation as the primary drivers of this view.
