Rothschild Upgrades Apple: Foldable iPhone Underestimated by the Market
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Rothschild & Co upgraded Apple from neutral to buy, lifting its target from $260 to $400 — implying roughly 31% upside — arguing the market has yet to price in Apple's foldable-phone potential.
Why did a bank just raise its target by 54%?
Analyst Timm Schulze-Melander argues Apple's move into foldable phones is underappreciated by the market, with product-roadmap strength not yet reflected in the stock.
The target jumped from $260 straight to $400, implying about 31% upside from last Friday's close.
This means → this is not a minor tweak but a repricing of Apple's revenue mix over the next one to two years.
How would a foldable iPhone boost Apple's earnings power?
Schulze-Melander expects Apple's entry into the ultra-premium foldable segment to lift iPhone average selling price (ASP — the average price per handset) by 11% through June 2027.
He forecasts about 14 million foldable iPhones (tentatively dubbed "iPhone Ultra") sold in fiscal 2027.
Of those, roughly 4 million would cannibalize traditional iPhone volume of 257 million units — a cannibalization rate of just ~2%.
In plain terms = the price uplift from the new product far outweighs the lost sales from the old one — the net effect is positive.
Will Apple actually build a foldable?
Apple has not officially confirmed any foldable-phone launch plan.
Multiple reports indicate the product is in active development; well-known Apple analyst Ming-Chi Kuo said in June he expects a "premium-priced" foldable as early as next year.
This reflects a market expectation shifting from "rumor" toward "probable launch" — though timing and pricing remain uncertain.
How does the broader market view Apple?
Apple shares are up about 13% year-to-date but have pulled back roughly 8% over the past month.
LSEG data show 29 out of 47 covering analysts rate Apple a buy or strong buy — overall sentiment skews bullish.
This means → Rothschild's upgrade is not an isolated call, but whether the foldable actually ships on time at the expected price will be the key checkpoint for the entire thesis.
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