Evercore ISI Raises Apple Price Target to $380

Evercore ISI analyst Amit Daryanani raised the price target on Apple (NASDAQ: AAPL) to $380 while maintaining an Outperform rating.

“Our annual survey of nearly 4K consumers regarding iPhone purchase intentions points to what we believe will be a better-than-expected iPhone refresh cycle, led by the latest launches.

We see not just room for units to do well, but critically we think pricing could be >20% driven by a combination of ASP increases, higher-priced SKUs, and a shift up in memory configurations.

Key points: 1) Pro Max Remains King: The iPhone 18 Pro and Pro Max continue to resonate with customers, with 53% of respondents planning to buy one of these models (vs. 51% avg.).

Notably, 32% of respondents are expecting to purchase the Pro Max (vs. 29% last year). Pro Max does feature some impressive upgrades to the camera and functionality broadly.

2) Duo Trends Seem Subdued: Our survey pointed to 14% of respondents expecting to purchase the iPhone Duo (vs. 9% for iPhone Air LY).

We think demand for the iPhone Duo could improve in Q4 as we get closer to the mid-October launch and consumers test and feel the product in person.

3) Old iPhones Driving Refresh: iPhone purchasing drivers were led by respondents indicating that their existing iPhone is old and needs to be upgraded (67% vs. 48% LY).

We think this supports continued durability in the upgrade cycle, with device age remaining a key driver of demand (23.5 months vs. 26.5 months LY).

4) ASPs Moving Higher: Consumers continue to gravitate toward higher memory configs, and as Apple rolls out the 2TB Pro and Duo, we expect ASPs to move up ~28%.

5) Wearable Momentum: Apple Watch purchase intentions were also better at 38% (vs. 34% last year), and much of the interest skews towards Series 12 given its notable health improvements.

AirPods purchase intentions are also up at 43% (vs. 40%). Net/Net: It’s worth noting that our survey is US specific and does not reflect international trends.

That said, demand appears modestly ahead of last year and could support another leg of iPhone growth following an already strong upgrade cycle.

Barring any sizable demand destruction, we think this survey points to upside to iPhone and aggregate AAPL revenues in FY27 vs. street models that call for ~7% sales growth for the company.

Sticking with our OP but raising our target to $380.”

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