Evercore Lifts Apple Price Target to $380 Amid Strong iPhone Demand

Apple's stock is drawing attention from analysts at Evercore ISI, who have lifted their price target for AAPL to $380 following a survey of consumer interest in the latest iPhone lineup.

The survey found that 53% of nearly 4,000 U.S. consumers intend to buy an iPhone 18 Pro or Pro Max, with 32% specifically planning to purchase the Pro Max. This represents a slight increase from last year's survey, where 29% of respondents planned to buy one of these models.

Interestingly, the upgrade cycle for iPhones appears to be driven in part by the age of current devices, as 67% of respondents cited this as a reason to replace their phone. This is up significantly from last year's figure of 48%. The average device age also fell to 23.5 months from 26.5 months.

Evercore estimates that average selling prices may rise by about 28%, driven in part by increased interest in premium models and higher storage options. There's also growing interest in Apple Watch, AirPods, and the upcoming foldable iPhone Duo, with 14% of respondents expressing interest in this new device.