Evercore ISI Boosts Apple Price Target to $380 on Strong iPhone Demand

Evercore ISI has raised its price target for Apple Inc. to $380 from an undisclosed prior level, while maintaining an Outperform rating on the stock. This move comes as the firm's annual survey of nearly 4,000 consumers suggests a better-than-expected iPhone refresh cycle.

The survey shows that 53% of respondents plan to buy an iPhone 18 Pro or Pro Max model, compared to a 51% average, with 32% specifically expecting to purchase the Pro Max versus 29% last year. The firm also notes that device age remains a key driver of demand, with the average age at 23.5 months compared to 26.5 months last year.

InvestingPro analysis suggests that the stock appears overvalued at current levels, joining other tech giants on the platform's Most Overvalued list. Despite this, Apple has seen several notable developments recently, including strong demand for the iPhone 18 Pro and Pro Max models and increased carrier incentives for iPhone purchases.