Apple (AAPL) will move towards a staggered launch of its new iPhone models in 2026, with the company expected to introduce its foldable and Pro models in the usual September timeframe, while base models will come in H1 of 2027, BofA Securities said in a Monday note.

By moving to such a launch calendar, Apple's supply chain will see more steady utilization rates throughout the year and will not have to ramp up and down production as materially as in the past cycles, when all new models were launched in September, BofA said.

The change will create a shift in units from the September and December quarters to the March quarter, which is not yet reflected in the consensus estimates on the company. For fiscal 2026, this shift creates a pushout driving lower units and revenue, with the impact slated to normalize in fiscal 2027, according to BofA.

BofA said it now expects fiscal 2026 earnings per share and revenue of $8.36 and $462.13 billion from $8.51 and $474.75 billion.

Fiscal 2027 and 2028 EPS expectations moved to $9.53 and $10.64 from $9.77 and $10.86. Revenue for fiscal 2027, 2028 was estimated to be $521.21 billion and $555.88 billion from $524.35 billion and $560.85 billion previously.

BofA lowered its price target on Apple to $320 from $325 and maintained its buy rating.

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