Evercore ISI Reiterates Outperform on Apple, $380 Price Target

Evercore ISI analyst Amit Daryanani reiterated an Outperform rating and $380 price target on Apple (NASDAQ: AAPL).

“Earliest delivery times for the iPhone 18 Pro Max have shortened across all four international markets tracked, while US lead times remain unchanged.

The Pro is seeing a more mixed picture, with shorter waits in the US and China, unchanged waits in the UK and Germany, and a modest increase in Japan.

For the iPhone 18 Pro, earliest delivery in the US is now 10 days (vs. 17 days last week), while China has shortened to 8 days (vs. 14 days). Japan is seeing earliest delivery time of 11 days (vs.

8 days last week), the only region where Pro lead times have extended. The UK and Germany remain at 10 days.

For the iPhone 18 Pro Max, China saw the largest contraction across the regions/models tracked, with earliest delivery now 15 days (vs. 28 days last week).

The UK and Germany have both shortened to 17 days (vs. 24 days), while Japan is seeing earliest delivery of 20 days (vs. 25 days). In the US, the Pro Max lead time remains 24 days.

Net/Net: The key change this week is shorter international waits for the Pro Max, while Pro lead times are mixed across regions.

The contractions may reflect improving supply availability as Apple works through initial launch orders, though lead times alone cannot isolate demand.

The Pro Max still carries longer waits than the Pro in every region, potentially supporting a favorable mix backdrop. Sticking with our OP rating and $380 target.”

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