Both developments threaten the company's plans for average selling price growth. Both developments leave the company's roadmap for higher average selling prices looking shaky. The all-glass model was reportedly supposed to serve as an anchor for a wider shift toward higher-margin Pro and Pro Max variants. Jefferies says the foldable iPhone is the only lever left for Apple to raise its average selling prices and margins. Jefferies also addressed recent iPhone trade-in changes, noting that Apple cut trade-in values for the iPhone 16 Pro and 16 Pro Max in China even though it raised them elsewhere.