Analyst Ming-Chi Kuo believes that only the highest-end iPhone 16 series model will get a periscope camera. He suggests that the demand for a lens upgrade might be below previous predictions.

source https://www.gadgets360.com/mobiles/news/iphone-16-pro-max-ultra-specifications-periscope-camera-apple-ming-chi-kuo-3742180#rss-gadgets-all