Evercore ISI Boosts Apple Stock Target to $380 on Strong iPhone Demand
Evercore ISI has raised its price target for Apple stock to $380 from an undisclosed prior level, while maintaining an Outperform rating. This move comes as the firm's annual survey of nearly 4,000 consumers suggests a strong iPhone refresh cycle.
The survey indicates that 53% of respondents plan to buy an iPhone 18 Pro or Pro Max model, compared to a 51% average. The firm also expects demand for the iPhone Duo to improve in the fourth quarter as the product launches in mid-October and consumers test it in person.
Despite the positive survey results, InvestingPro analysis suggests that Apple stock appears overvalued at current levels, joining other tech giants on the platform's Most Overvalued list. The firm has also seen several notable developments recently, including a settlement with Elon Musk's xAI and X Corp. in an antitrust lawsuit related to AI technology integration.