Investors should scoop up Apple shares as the tech giant's potential foldable phone isn't fully appreciated, according to Rothschild & Co. Analyst Timm Schulze-Melander upgraded the iPhone maker to buy from neutral. His $400 price target, up from $260, implies upside of 31% from Friday's close. Apple has not confirmed the release of a foldable phone. However, multiple reports suggest the company is on track to unveil one in the near future . Ming-Chi Kuo, a widely followed analyst covering Apple, also said in June that he expects the company to make "premium" priced folding phones beginning next year. AAPL YTD mountain AAPL YTD "The strength in Apple's product roadmap and entry into foldable handsets appears underappreciated by the market," Schulze-Melander wrote to clients. "We expect Apple's entry into the ultra-premium foldable handset sector to add 11% to iPhone average selling prices (ASPs) by June 2027. We forecast sales of 14 million iPhone Ultra foldable handset units in FY27, with 4 million estimated conservatively to be cannibalisation sales from the 257 million traditional iPhones – a limited impact of 2%," he added. The possible foldable iPhone will "occupy an Ultra-Premium segment of the Handset market," the analyst also said, which "is well suited to Apple's brand positioning, suggesting that a well-designed product should find market success." Apple shares are up 13% year to date, though they are down 8% over the past month. Most analysts covering Apple are bullish on the stock. LSEG data shows, that of the 47 who cover it, 29 rate it a buy or strong buy.