Evercore ISI Reaffirms Outperform on Apple, $365 Price Target

Evercore ISI analyst Amit Daryanani reiterated an Outperform rating and $365 price target on Apple (NASDAQ: AAPL).

“Apple held its “Surprise and Shine” event today where it officially launched the iPhone 18 Pro/Pro Max and the highly anticipated foldable iPhone, dubbed the iPhone Duo.

High level, we think the key points are: 1) iPhone Duo Launch: This was the main feature, bringing a major form factor change.

We think the new design and use cases will drive significant consumer interest, and with a starting price of $1,999, pricing is broadly in line with premium foldable peers and with prior higher Pro Max model configs.

2) Pricing: Apple raised pricing by $100 on the 256GB iPhone 18 Pro and Pro Max to $1,199 and $1,299, respectively, below some investor expectations for a larger increase given memory cost pressure.

More notably, increases are steeper at higher storage tiers, with select configurations up $300 500, which should help offset some of the potential margin pressure on the base models.

3) Apple Intelligence + Siri AI: Apple highlighted the next-gen Apple Intelligence/Siri AI experience, adding personal context, onscreen awareness, and deeper actions across >300,000 apps, alongside more seamless interactions across devices.

4) Apple Watch: The new Series 12 and Ultra 4 include major overhauls to health sensors and the Health app, including increased frequency in heart rate data (60x increase) and an overhauled Health app that’ll feature more personalized data and health scores.

5) New Pro Models: The 18 Pro/Pro Max cycle looks more feature/performance-driven than form factor-driven, with modest design changes but upgrades to the A20 Pro, camera and battery.

Apple notes up to ~40% better sustained performance vs. A19 Pro, alongside a new 48MP variable-aperture camera and longer battery life.

Net/Net: The anticipated foldable iPhone Duo was announced today, and we think the unique form factor should spark increased interest across Apple’s consumer base.

Combined with the performance upgrades in the iPhone 18 Pro models, we think the lineup should support continued iPhone momentum, while also driving incremental upgrades, particularly among users on 3+ year-old devices.

Sticking with OP and $365 target.”

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