Evercore Boosts AAPL Price Target to $380 on Strong iPhone Demand
Evercore, an investment firm, has raised its price target for Apple's stock to $380. The increase of $15 is based on higher-than-expected demand for the new iPhone 18 Pro range and Apple Watch Series 12.
The firm conducted a survey that showed 32% of respondents plan to buy the iPhone 18 Pro Max, up from 29% who intended to buy the iPhone 17 Pro Max. This is driven by consumers' desire for newer iPhones, with 67% citing their current iPhone's aging as the reason for upgrading.
Evercore notes that buyers are still opting for higher storage capacity models, which tend to benefit Apple due to its premium pricing strategy.
The analysts also predict a boost in sales for the new Apple Watch Series 12 and Apple Watch Ultra 4, with 38% of respondents planning to purchase them. However, they remain cautious about the iPhone Duo's performance, citing an initial interest level of only 14% among survey participants.