Jefferies analysts predicted a $50 price increase for the iPhone 17 Pro models.The price hike would aim to offset tariff costs, likely affecting Pro and Pro Max models.Analysts expect Apple to beat estimates coming off a surge of iPhone demand in May and April.

iPhone panic buyers might've been onto something in April.

If Apple maintains its tradition of introducing a new iPhone lineup in September, Jefferies analysts expect the mysterious iPhone 17 will cost more than its predecessors. In a note published on Wednesday, the analysts predicted a $50 price increase — a 4% to 5% jump from 2024 — to offset the impact of tariffs.

The price hike would likely exclude the base model, Jefferies said, and affect the Pro, Pro Max, and the rumored slimmer iPhone model.

As of Wednesday, the retail price of the iPhone 16 Pro Max starts at $1,199.

Jefferies assumes 40% of the iPhone 17 will be made in China for US consumers. If the average cost to build it goes up by $20 to $25, a $50 bump in price "may barely cover the above cost increases."

During its last earnings call, Apple told investors to expect a $900 million tariff hit for the June quarter

Despite the expectation of a price hike over tariff costs, Jefferies analysts expect Apple to report a strong June quarter on Thursday. They think increased demand for iPhones from consumers who feared price hikes drove higher sales.

However, the spike in demand sparked by tariffs in April and May seemed to cool in June, UBS analysts estimated. They expect a softened demand for the iPhone 17 in September.