Analysts See Upside in Apple Stock as iPhone 18 Pro Sales Begin
Apple's latest iPhone cycle is off to a promising start, with analysts predicting strong demand for the new iPhone 18 Pro and Pro Max models. The devices are priced $100 higher than their predecessors, but analyst surveys indicate that consumers are still eager to upgrade.
A recent survey by Evercore ISI found that 53% of respondents planned to purchase an iPhone 18 Pro or Pro Max, compared with 51% in previous surveys. Additionally, 32% of respondents expected to buy the Pro Max, up from 29% last year.
Evercore ISI analyst Amit Daryanani attributed the increased interest in the Pro Max to its camera and broader functionality upgrades. He also highlighted the potential for higher prices, a greater mix of higher-priced models, and increased memory configurations to drive average selling price growth.
Bank of America is also optimistic about Apple's latest iPhone cycle, pointing to higher trade-in incentives from US wireless carriers as a way to offset the higher prices of the new devices. BofA analyst Wamsi Mohan reiterated a Buy rating and $370 price target for Apple.