Evercore ISI Reiterates Outperform Rating on Apple Following iPhone 17e Launch, $330 Price Target

Evercore ISI analyst Amit Daryanani reiterated an Outperform rating and $330.00 price target on Apple (NASDAQ: AAPL).

“Apple kicked off a week of highly anticipated product launches with the launch of the iPhone 17e and new iPad Air.

Interestingly, starting prices for both new products remain unchanged at $599 from the prior generations, though the base model of the iPhone 17e now comes with 256GB of storage, up from 128GB in the prior generation’s base model (the 16e launched in Feb.

2025).

Both new products reflect minimal changes to form factors; however, each incorporates upgrades to in-house components, primarily around memory and storage, which we believe were implemented in preparation for Apple Intelligence enhancements expected later this year. On memory, the iPhone 17e will feature the A19 chip (upgraded from the A18) and the refreshed iPad Air will feature Apple’s M4 chip (upgraded from the M3).

In addition, both the iPhone 16e and new iPad Air will feature Apple’s new C1X cellular modem, and the iPad Air will also sport the new N1 wireless networking chip that’ll enable Wi-Fi 7 and Bluetooth 6.

The shift to Apple’s own silicon (C1X & N1) should provide some offsets to the rising memory costs Apple is seeing across NAND and DRAM while also providing some battery life improvements.

Net/Net: We think Apple is strategically refreshing its product portfolio ahead of broader AI and Siri upgrades that are expected later this year, as today’s product launches feature incremental hardware updates rather than a major redesign cycle, with the focus around enhancing memory and storage.

In addition, while pricing remains the same from prior generations, further Apple silicon integration (C1X and N1) should help drive some offsets to memory costs. Maintain OP and $330 target.”

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