Evercore ISI's analyst Amit Daryanani expressed confidence in Apple's upcoming iPhone refresh cycle, predicting that the new models will outperform expectations. The price target increase from $365 to $380 indicates a potential upside of nearly 13% from Apple's recent closing price.
Daryanani highlighted that the iPhone 18 Pro and Pro Max are priced $100 higher than their predecessors, which could lead to a more than 20% increase in average selling prices driven by higher-priced models and enhanced memory configurations.
Recent polling data from Evercore ISI shows that 53% of respondents plan to purchase one of the new models, slightly above the average of 51%, with 32% specifically interested in the Pro Max, up from 29% last year. This positive sentiment aligns with the broader market consensus, as 27 out of 45 analysts covering Apple have a buy or strong buy rating.
Year-to-date, Apple's shares have increased by 24%, reflecting strong investor confidence ahead of the new product launches