GF Securities analyst Jeff Pu says initial demand for the iPhone 18 Pro family during the pre-order phase is ‘lukewarm,’ and he has reduced production forecasts for both Apple’s Pro lineup and the foldable iPhone Duo.
iPhone 18 Pro pre-order details
Pre-orders for the iPhone 18 Pro opened on September 12 in the U.S. and many other countries. In the U.S., Pu reports 3–4 week wait times for iPhone 18 Pro Max models with 256GB and 512GB storage across all colors, as well as for Burgundy 1TB models. In China, he cites 2–3 week waits for the Pro Max in Glacier for the 256GB and 512GB options.
Pu notes weaker initial demand for the Black and Glacier 1TB Pro Max models, quoting 1–2 week wait times in the U.S. By contrast, the 1TB Pro Max in Silver, most 2TB Pro Max configurations, and nearly every iPhone 18 Pro model are available immediately; Burgundy 256GB pre-orders are the only iPhone 18 Pro exception.
Pu attributes the softer-than-expected demand to limited specification upgrades and higher pricing, especially at larger storage tiers. The iPhone 18 Pro starts at $1,199 in the U.S., while the iPhone 18 Pro Max starts at $1,299; 2TB models reach $2,399 and $2,499 respectively.
On competitive dynamics, Pu expects some buyers may shift from the iPhone 18 Pro Max to the iPhone Duo. The iPhone Duo’s pre-orders begin on October 16 with availability from October 23. Duo pricing starts at $1,999 for the 256GB model and rises to $3,199 for the 2TB option.
Production cuts and iPhone Duo outlook
On the supply side, Pu has lowered his iPhone 18 Pro and Pro Max production estimate to 72 million units, citing constraints related to the new variable aperture camera. Separately, he cut his 2026 build estimate for the iPhone Duo from 7 million units to 6 million, which he attributes to production challenges with the hinge.
Pu’s latest investor note maintains a Hold rating on Apple with a $369 price target.
