Jefferies Flags Weakening Demand for iPhone 18 Pro Models

Jefferies analyst Edison Lee warned Monday that demand for Apple's iPhone 18 Pro and iPhone 18 Pro Max appears to be losing momentum, pointing to a combination of shrinking delivery wait times, declining resale prices, and fresh intelligence from Apple's supply chain as the basis for the cautious read.

Shorter delivery windows are typically interpreted as a bearish signal in the smartphone market — when consumers rush to buy a hot device, lead times stretch as inventory tightens. A compression in those times suggests retailers and Apple itself are keeping up with orders more easily than expected, implying that consumer enthusiasm for the premium lineup may be cooling relative to prior iPhone cycles.

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Resale price data adds another dimension to Jefferies' concern. When secondary-market values soften shortly after a flagship launch, it often reflects buyers' reluctance to pay a premium for a device they could acquire at or near retail, undercutting the scarcity narrative that typically drives early-adopter excitement around Apple's Pro tier.

The findings put a fresh spotlight on whether Apple's high-end pricing strategy — and the incremental feature upgrades that have defined recent Pro generations — is reaching a saturation point among its most loyal customers. Jefferies did not detail specific order-cut figures in the note, but characterized the supply-chain signals as consistent with the other demand indicators the firm tracks.

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