Evercore Bullish on Apple as Premium iPhone Demand Surges

Wall Street firm Evercore ISI has boosted its Apple price target to $380 and maintained an Outperform rating. This comes after their annual poll of nearly 4,000 customers showed stronger-than-expected purchase intent for Apple's newest smartphones. The survey found that approximately 53% of those expecting to buy an iPhone said they anticipate getting an iPhone 18 Pro or Pro Max, compared with an average of 51% who planned to buy premium models last year.

The firm also noted lengthier average delivery times for the iPhone 18 Pro and Pro Max after preorders began, which might be another sign of high early demand. Bank of America has been equally enthusiastic, maintaining its Buy rating and $370 price target. The company pointed to greater incentives from carriers on iPhone sales that might help counteract Apple's higher prices for customers.

Evercore's poll hinted at another potentially significant source of demand: 67% of respondents said their existing iPhone being old and in need of an upgrade influenced their purchase decision, up sharply from 48% last year. This is promising news for Apple's current cycle, as replacement demand might piggyback on excitement over its newer goods.

The survey also found that interest might rise further into the fourth quarter once the iPhone Duo launches in mid-October and buyers get the chance to experience the device in person. This could add another layer to the upgrading cycle, as a new device may act differently from Apple's existing iPhone models.