Facing Apple's iPhone 15, Wall Street is becoming pessimistic.

Apple's long-awaited release of the iPhone 15 has disappointed investors, and Wall Street doesn't seem too enthusiastic either.

Apple's stock price fell 1.7% to $176.30 on Tuesday, and in pre-market trading on Wednesday, it dropped 0.47% to $175.48.

The new iPhone is largely in line with expectations. The only surprise is that the iPhone Pro did not increase in price as analysts had predicted, although Apple did raise the starting price of the Pro Max by $100.

Will the Apple iPhone 15 Struggle to Sell?

D.A. Davidson analyst Tom Forte believes, "Unlike the past few years, we believe Apple may not be able to rely on strong iPhone sales to boost its stock price."

Forte pointed out that although the iPhone 15 is set to be released on September 12, Apple's management expects a decline in revenue for the third quarter. He also mentioned the "potential sales slump" for the company in China. He reiterated a neutral rating on Apple with a target price of $180.

KeyBanc analyst John Vinh also sees the product release as "slightly negative" for the stock, but maintains an overweight rating and a target price of $200.

They stated, "Because the price of the Pro models is not expected to increase and there is a lack of compelling features to drive consumer upgrades, the promotional efforts by carriers are also not as strong."

Evercore ISI analysts found the event "somewhat disappointing" and stated, "Investors were hoping for a $100 increase in the cost of the Pro, which would help offset any potential negative impact from the release of the Huawei Mate 60 Pro." They still give the stock an outperform rating with a target price of $210.

However, more and more Wall Street investment banks are lowering their target prices for Apple. Previously, JPMorgan lowered the target stock price from $235 to $230. Today, Goldman Sachs lowered the target price from $222 to $216. Bank of America lowered the target price from $210 to $208.

There are also optimistic views on Apple

Not everyone has a negative view of this product launch.

Wedbush analyst Dan Ives said that the lack of price increase for the iPhone 15 Pro was not surprising, but the price increase for the Pro Max was a "wise strategic move."

He expects a higher proportion of consumers to switch from the base model to the Pro model, with a ratio of 75% to 25%, compared to 60% to 40% in recent years. This is a "major driver" for increasing the average selling price.

Ives said, "We believe that despite the noise, Apple's strong consumer product cycle will continue globally. The iPhone 15 provides Apple with additional momentum as it enters the crucial holiday season.

He maintains his buy rating on Apple with a target price of $230.