Apple Stock Slips From Record High as Analyst Caution Offsets Sold-Out iPhone Duo Ahead of November Earnings

Apple shares fell on Monday, pulling back from last week's record high. Cautious analyst commentary and rising memory costs outweighed strong early demand for the company's first foldable iPhone.

Apple shares fell $3.05, or 0.88%, to $344.67 in early trading on the Nasdaq at 10:14 a.m. EDT. The decline came even as the broader market rose, which suggests the selling was tied to Apple specifically.

The stock hit an all-time intraday high of $351.73 on Friday before closing at $347.72.

iPhone Duo demand

Apple's new iPhone Duo, a $1,999 foldable phone, went on sale Oct. 23 and sold through its initial supplies. Delivery estimates for some models stretch into January.

Taiwan's Economic Daily reported that Apple had asked suppliers to increase production orders for the device by about 30%. Other reports said Apple raised its 12-month production target to about 14 million units from 9.7 million. Apple has not confirmed either figure.

Wedbush veteran Dan Ives, now of Yorkville Ives, rates Apple outperform with a $400 price target. He said demand is "running well ahead of supply out of the gates."

JPMorgan analyst Samik Chatterjee, who rates the stock overweight with a $360 target, said the waits of more than three months partly reflect "supply ramp challenges."

Not all reports were positive. Supply chain reports have said that production yields at Foxconn, Apple's main assembler, were only slightly above 60% in September. Some analysts have cut their 2026 shipment forecasts for the Duo to between 8 million and 9 million units from about 10 million.

Analysts urge caution

The stock has also been weighed down by analysts arguing that its strong run has left it fully valued.

Last week, Loop Capital analyst Ananda Baruah downgraded Apple to hold from buy and cut his price target to $330 from $370. That target is below Monday's trading price.

"The stock also requires a fundamental catalyst reset after its recent stock appreciation," Baruah wrote. He also pointed to weaker shipment expectations and rising memory costs.

MoffettNathanson lowered its price target to $283, according to market reports.

Rising prices for DRAM and NAND memory chips have become a growing concern for hardware makers. Some analysts warn that higher component costs could squeeze Apple's product gross margins in fiscal 2027 and weigh on earnings per share. A global memory shortage, driven largely by demand for AI data centers, has pushed up prices across the industry.

Earnings ahead

Apple will report fiscal fourth-quarter results on Nov. 2. Because that quarter ended in September, it won't include any iPhone Duo sales.

Investors will instead focus on:

Demand for the iPhone 18 lineup, which launched in September Gross margin guidance, especially the effect of memory costs Production plans and early sales commentary for the iPhone Duo Growth in Apple's services business, including the App Store and subscriptions

The December quarter, which includes the holiday shopping season and the first full months of Duo sales, is expected to give a clearer picture of whether the foldable can become a significant new source of revenue.

Strong year

Apple shares have rallied strongly this year. Expectations for a new iPhone upgrade cycle, along with the company's AI features and foldable launch, have lifted investor sentiment. Monday's pullback was modest by comparison.

The stock's move came during a week heavy with market-moving events. Alphabet, Microsoft, Amazon and Meta Platforms report earnings this week, and the Fed announces its interest rate decision on Wednesday.

Major indexes rose in early trading, with the Dow and S&P 500 posting modest gains as oil prices eased.