Apple's Price Target Rises as New iPhones See Strong Demand

Apple's (AAPL) latest iPhone lineup, including the Pro and Pro Max models, has seen strong demand since its launch on September 18. According to a survey by Evercore, which raised Apple's price target to $380 from $365, over 53% of buyers plan to purchase an iPhone 18 Pro or Pro Max.

The iPhone 18 Pro starts at $1,199 and the Pro Max at $1,299, both around $100 more than their predecessors. The new devices feature a 2nm A20 Pro chip, improved AI capabilities, better cameras, and longer battery life.

Apple is also expected to unveil its first foldable iPhone, the Duo, in about a month. This will add a second premium hardware format to Apple's lineup. Analysts at Bank of America, who maintain a Buy rating on AAPL with a target price of $370, see multi-year upgrade cycles and rising average selling prices as key drivers for the stock.

U.S. carriers have increased their maximum trade-in offers for the iPhone 18 Pro Max to $1,200 after Apple raised the price by $100. Dealer lead times for the new devices are reportedly flat to slightly longer year-over-year at 2-4 weeks.