Initial wait times for Apple’s iPhone 18 Pro models in the pre-order stage are “lukewarm,” according to GF Securities analyst Jeff Pu, who subsequently reduced his production estimates for the company’s Pro line and foldable iPhone Duo.
Pre-orders for the iPhone 18 Pro opened on September 12 in the US and many other countries, and there is now a 3-4 week wait time for the iPhone 18 Pro Max models with 256GB and 512GB storage in all colors in the US, as well as the 1TB Burgundy models. Elsewhere, Pu quotes 2-3 weeks for the Pro Max in Glacier with options of 256 GB and 512 GB in China.
Otherwise, Pu sees lower initial demand for the Black and Glacier 1TB Pro Max models, citing wait times of 1-2 weeks in the US. Meanwhile, the 1TB Pro Max option in silver, most 2TB Pro Max configurations, and almost all iPhone 18 Pro models are available immediately, with Burgundy’s 256GB pre-orders being the only exception for the iPhone 18 Pro.
Pu believes the lower-than-expected demand is due to limited specification upgrades and higher pricing, particularly for the larger storage tiers. The iPhone 18 Pro starts at $1,199 in the US and the iPhone 18 Pro Max starts at $1,299, with prices going up to $2,399 and $2,499 for the 2TB models, respectively.
Pu also expects the iPhone 18 Pro Max to lose some buyers to the iPhone Duo, whose pre-orders begin October 16 and will be available from October 23. Prices for the Duo start at $1,999 for the 256GB model, rising to $3,199 for the 2TB option.
On the supply side, Pu lowered its iPhone 18 Pro and Pro Max production estimate to 72 million units due to constraints related to the new variable aperture camera. Pu also separately reduced its 2026 build estimate for the iPhone Duo from 7 million units to 6 million, which it attributes to hinge-related production issues.
Pu’s latest investor note maintains a Hold rating on Apple, with a price target of $369.
