Initial wait times for Apple's iPhone 18 Pro models in the pre-order phase are 'lukewarm,' according to GF Securities analyst Jeff Pu, who has subsequently trimmed his production estimates for both the company's Pro lineup and the foldable iPhone Duo.

iPhone 18 Pro pre-orders opened on September 12 in the U.S. and many other countries, with 3-4 week wait times for iPhone 18 Pro Max models with 256GB and 512GB storage across all colors in the U.S., as well as for Burgundy 1TB models. In China, Pu cites 2-3 weeks for the Pro Max in Glacier across 256GB and 512GB options.

Pu believes the softer-than-expected demand is due to limited spec upgrades and higher pricing, particularly for the larger storage tiers. The iPhone 18 Pro starts at $1,199 in the U.S. and the iPhone 18 Pro Max starts at $1,299, with prices as high as $2,399 and $2,499 for the 2TB models, respectively.

Pu has lowered his iPhone 18 Pro and Pro Max production estimate to 72 million units due to constraints from the new variable aperture camera. He also cut his 2026 build estimate for the iPhone Duo from 7 million units to 6 million due to hinge production challenges. Pu maintains a Hold rating on Apple with a $369 price target.