As Apple’s annual iPhone launch cycle approaches, Wall Street analysts are closely monitoring reports and rumors from within the company. Morgan Stanley’s Erik Woodring recently released a note on Apple’s upcoming iPhone 17 lineup, which will likely include the iPhone Watch Series 11, Ultra 3, SE 3, AirPods Pro 3, and new models of iPhones.

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Woodring believes that the iPhone 17 Air will be the standout product at the event, featuring an ultra-thin design with a single rear camera and Apple’s proprietary C1 modem. The analyst predicts a 5% increase in average selling price (ASP) for Apple iPhones in 2026, which he anticipates will come from two factors: the iPhone 17 Pro being released with 256GB storage, and the iPhone Air model priced $100 higher than the previous iPhone 16 Plus.

According to Morgan Stanley, the iPhone 17 Air will likely launch at $999, as it replaces the now discontinued iPhone 16 Plus. This pricing strategy contrasts sharply with consensus views on Wall Street, which predict only flat unit growth and a 1% increase in ASP.

Interestingly, Morgan Stanley’s expectations align closely with earlier reports by JP Morgan, which also anticipate eliminating the 128GB storage option for the Pro model and increasing prices by $100. However, JP Morgan models the iPhone 17 Air at either $899 or $949.