Analysts See Upside in Apple Stock as iPhone 18 Pro Sales Begin
Apple's latest iPhone models, the iPhone 18 Pro and Pro Max, have gone on sale since September 18. The new devices come with a price increase of $100 compared to their predecessors.
Despite this higher pricing, analysts are optimistic about demand for the new models. A recent survey by Evercore ISI found that 53% of respondents planned to purchase an iPhone 18 Pro or Pro Max, up from 51% in previous surveys.
The Pro Max model is particularly popular, with 32% of respondents planning to buy it, compared to 29% last year. The increase in trade-in credits offered by US wireless carriers, which can reach $1,200 for the iPhone 18 Pro Max, may be helping to offset the higher prices.
Several firms have raised their price targets for Apple stock, with Evercore ISI setting a target of $380 and Bank of America at $370. This represents a potential upside of nearly 13% from Thursday's closing price.