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

Apple (NASDAQ: AAPL) has seen its price target raised by Evercore ISI to $380, as the firm believes the latest iPhone cycle is signaling a stronger upgrade cycle. The upgrade comes after Evercore ISI's annual consumer poll found purchase intent for Apple's newest smartphones exceeded expectations.

The poll surveyed nearly 4,000 customers and showed that interest in Apple's premium smartphone tier was particularly striking, with approximately 53% of prospective iPhone buyers planning to purchase an iPhone 18 Pro or Pro Max model. This compares to an average of 51% who indicated plans to buy premium iPhone models in the prior year's survey.

Evercore ISI also found that a more fundamental driver is supporting the upgrade cycle, with 67% of respondents saying they are upgrading from an outdated iPhone, up sharply from 48% who said the same last year. This suggests pent-up replacement activity could provide a meaningful tailwind to iPhone sales volumes beyond any single product feature cycle.