Apple to fly higher as new, more expensive iPhones hit market, Evercore ISI says
Apple is poised to continue rallying on its next wave of iPhone launches, according to Evercore ISI. The investment firm has an outperform on the smartphone maker. It raised its price target to $380 from $365, suggesting nearly 13% upside from Thursday’s close. “We believe [this] will be a better-than-expected iPhone refresh cycle, led by the latest launches,” analyst Amit Daryanani said Friday in a note to clients. “We see not just room for units to do well, but critically we think pricing could be > 20% driven by a combination of [average selling price] increases, higher-priced [stock keeping units], and a shift up in memory configurations.” AAPL YTD mountain AAPL year to date Apple earlier this month said it would begin shipping out its latest smartphones — the iPhone 18 Pro and Pro Max — on Friday. Both models are priced $100 higher than their last-generation counterparts. Those latest iPhone rollouts are likely to drive upside to shares, Daryanani said, citing data from Evercore ISI’s recent poll on the product launches. “The iPhone 18 Pro and Pro Max continue to resonate with customers, with 53% of respondents planning to buy one of these models (vs. 51% avg.),” Daryanani wrote. “Notably, 32% of respondents are expecting to purchase the Pro Max (vs. 29% last year). Pro Max does feature some impressive upgrades to the camera and functionality broadly.” Evercore ISI’s call falls in line with consensus on the Street. Of the 45 analysts covering Apple, 27 have a buy or strong buy rating on the stock, LSEG data shows. Shares of Apple have jumped 24% year to date.
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