Evercore ISI Reiterates $365 Price Target on Apple

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

“Pre-orders for the new iPhone 18 Pro and Pro Max began this weekend (Sept. 12 at 8amET), with the models officially launching this Friday (Sept. 18).

High-level, the data points are POSITIVE especially considering that Duo isn’t ready for pre-orders, as average delivery time for ProMax is ~25 days (vs. 19 days last year) and 16 days for Pro (vs.

12 days last year). Notably, the pre-orders for the iPhone Duo won’t begin until October 16.

Early data has delivery dates for both the Pro and Pro Max pushed back until late September/early October across most configurations, though Pro Max models appear to have the longest lead times so far.

Earliest delivery times for the iPhone 18 Pro in the US and UK currently sit at 15 days (vs. 7 days last year in the US and 12 days in the UK) with all configurations estimating the same delivery date.

In China and Japan, delivery dates are 17 days (vs. 32 days last year) and 18 days (vs. 20 days last year), respectively. Germany is seeing earliest delivery of 16 days (vs. 12 days last year).

Demand for the Pro model seems mixed compared to last year, with the US, UK, and Germany lead times stretching out longer than last year, while lead times in China and Japan appear shorter.

For the iPhone 18 Pro Max model, lead times appear to be stretched out vs. last year – in the US and UK, earliest delivery date appears to be 22 days (vs.

12 days last year) while Germany sees earliest delivery date at 23 days. China and Japan are largely in line with last year.

Notably, the US, UK, and Germany see longer delivery times than last year, which we see as a positive demand indicator.

Net/Net: iPhone orders appear to be off to a solid start, particularly in the US, UK, and Germany, where lead times are stretched out for both the 18 Pro and Pro Max versus last year.

Demand in China and Japan appears to be in line with last year with earliest delivery date as long as 30 days.

While supply constraints are likely playing a role, our read is that demand is tracking solidly out of the gate. Sticking with our OP and $365 target.”

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