Apple's First iPhone Under New CEO John Ternus Launches Sept. 9. Here's Whether It's Finally Time to Buy the Stock.

Apple seemingly changes CEOs about as much as the Pittsburgh Steelers change head coaches, but both are embarking on a new era this month.

John Ternus became CEO of Apple (NASDAQ: AAPL) on Sept. 1, replacing Tim Cook, who ran the company for 15 years. Before that, the late founder Steve Jobs had been at the helm since the 1990s. And Mike McCarthy begins his Steelers coaching tenure this month, becoming only the third coach for the team in the last 30 years.

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Which will have a better season? I predict Apple. The Ternus era begins with the introduction of Apple's new lineup of iPhones, including what is rumored to be its first foldable smartphone, on Sept. 9. And the Steelers still have Aaron Rodgers as their quarterback -- 'nuff said.

Surprise and shine

At the Sept. 9 event, called Surprise and Shine, Ternus will essentially introduce himself to the world, along with a roster of new products. The lineup is likely to feature new iPhone 18s, including the Pro and Pro Max. But the most anticipated product is the rumored new foldable iPhone, which insider sites like Mac Rumors say will be called the iPhone Ultra.

There are also a slew of other new products expected to be introduced, including Apple Watches, MacBooks, iPads, AirPods, and a new Home Hub.

Apple stock has been rising ahead of the event, jumping about 8% over the past month. That's typical, as these types of new product events are usually "buy the rumor, sell the news" events. But Apple stock has been trending higher for several months now, up about 30% since April 1. Apple stock is now up about 21% year to date.

New foldable iPhone is coming

Apple's June-ended quarter saw strong results, with revenue up 16% year over year to nearly $109 billion and earnings up 27% to $29.4 billion. iPhone sales jumped 22% to $54.2 billion.

Growth is expected to slow slightly in the September-ending quarter, with year-over-year sales growth in the 9% to 11% range. This is due to higher foreign exchange rates, which account for a 2.5 percentage-point sales headwind, and supply constraints. iPhone sales should see mid-teens year-over-year growth, executives said on the latest earnings call. Further, the gross margin is anticipated to be 47% to 48%, down from 50.1% in the June quarter.

But the new foldable phone and iPhone 18 Pro and Pro Max offerings should provide a boost in the December-ending quarter, and beyond, as they are projected to debut in the fall, either in September or October.

Experts anticipate the iPhone 18 launches will be 10% to 20% more expensive than their iPhone 17 counterparts, due in part to higher memory costs. The foldable iPhone will likely retail for more than $2,000.

Analysts at Morgan Stanley estimate that the foldable phone alone could generate $14 billion in revenue for Apple in the December quarter alone. Morgan Stanley rates Apple stock as a buy with a $360 per share price target. That would suggest about 9% upside from the current $330 per share price.

Apple stock has had a strong run over the past few months and is not cheap, trading at 37 times earnings. I'd expect some "sell the news" action, and perhaps a dip, when the weaker September-quarter results come out in October, given its valuation. But after that, Apple stock should be on your radar when the new products hit the streets.

Dave Kovaleski has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Apple. The Motley Fool has a disclosure policy.