Apple Inc.’s iPhone feature updates have been more incremental lately, and according to Citi Research analyst Atif Malik, that trend is expected to continue with this year’s new models. However, when Apple holds its iPhone launch event on Sept. 12, one of the notable changes could be the price of its new Pro-level iPhones.
After keeping prices steady in recent years, Apple is reportedly considering a price increase of $100 to $200 for its new iPhone 14 Pro and iPhone 14 Pro Max models. Currently, the iPhone 14 Pro starts at $999, while the iPhone 14 Pro Max begins at $1,099, with the most expensive configuration priced at $1,599.
While Apple has not yet commented on its pricing plans for the new iPhones, it is believed that changing costs and upgrades in materials may be influencing this potential price adjustment. For example, the iPhone 15 Pro models are expected to feature titanium edges instead of stainless steel, making them smoother, less prone to fingerprints, and less shiny.
Despite the change in materials, it is unlikely that this alone will drive consumers to upgrade their phones. However, other anticipated improvements in the iPhone 15 line include a faster chip for the Pro models and the ability to charge more quickly using a USB-C connector, instead of Apple’s proprietary Lightning cable.
Citi Research emphasizes that Apple may benefit from a strong replacement cycle among those who purchased the iPhone 12 three years ago—people who typically upgrade their iPhones on a regular cadence. Additionally, the prospect of approximately 30% faster charging with the upgraded USB-C connector could generate further excitement.
In anticipation of these developments, Atif Malik maintains a positive outlook on Apple shares and has given the stock a buy rating with a $240 price target.
With the upcoming iPhone launch event, Apple presents a lucrative opportunity as it navigates pricing adjustments and introduces new features to its flagship smartphones.
