Jefferies analysts said in a note dated Monday that resale prices for Apple's latest high-end iPhones in Hong Kong are weaker than those of last year's models, suggesting softer demand for the devices. The 18 Pro is trading at discounts across almost all storage variants, while resale premiums for the 18 Pro Max fell sharply on launch day and have remained low or declined further. The 256GB 18 Pro Max is the only variant still commanding a meaningful premium, at about 8% above Apple's official price, while the 1TB and 2TB models are weaker, with the 2TB version trading HK$1,049 below the official price as of 5 p.m. on Sept. 27. Jefferies attributed the weakness partly to price increases of $400 and $500, which it said may be too high relative to the perceived value of the new models, and to Apple's switch from TLC to lower-cost QLC NAND in the 1TB and 2TB versions. The broker maintained its "underperform" rating on Apple, with the stock at $341.07 in the report.
Apple Inc.Jefferies flags weaker Hong Kong resale prices for iPhone 18 Pro/Pro Max, suggesting softer end-customer demand for the new high-end models.
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