Evercore ISI Reaffirms Outperform on Apple, $380 Price Target

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

“Apple refreshed its 14-inch MacBook Pro and 24-inch iMac with the new M6 chip, alongside a redesigned iPad Mini announced yesterday, and we expect AAPL to announce a refreshed MacBook Pro later this week (OLED + touchscreen) to further expand its refreshed line-up.

We think the key points are: 1) Pricing Supports GM Defensibility: The MacBook Pro starts at $1,999, while the iMac starts at $1,499.

We think higher starting prices provide a lever to defend gross margins against component-cost pressure, though the benefit depends on configuration costs and demand elasticity.

2) More Compute for AI: M6 brings a 12-core CPU and 12-core GPU to the MacBook Pro, with the iMac offering configurations up to the same core counts.

Neural Accelerators in each GPU core, a Dual 16-core Neural Engine, and memory bandwidth up to 170GB/s strengthen the hardware foundation for running AI models locally.

3) Touchscreen MacBook Pro: Apple is expected to release its first touchscreen MacBook Pro on October 28 after decades of resistance, with OLED displays and premium pricing (>$2,499) potentially adding another lever for higher Mac ASPs.

4) Tangible AI Improvements: Apple cites up to 25% faster on-device AI workloads for the MacBook Pro vs. M5 and up to 5x faster LLM prompt processing for the iMac vs.

M4, supporting the broader on-device AI narrative.

5) iPad Mini Refresh: The new Mini features a larger 8.5-inch OLED display, a thinner 5.4mm design, and the A20 Pro chip, with Apple citing up to 4.5x faster AI performance vs. the prior generation.

Pricing starts at $699, with availability beginning November 6.

Net/Net: We think the refreshed Mac lineup pairs stronger performance with higher pricing, providing a potential lever to defend gross margins, though the benefit depends on incremental hardware costs & consumer demand.

M6’s additional CPU/GPU cores and dedicated AI acceleration strengthen the Mac’s ability to run models locally, supporting Apple’s on-device AI strategy.

The redesigned iPad Mini broadens the refresh, while the anticipated touchscreen MacBook Pro could add a premium tier and further support Mac ASPs. Sticking with our OP and $380 PT.”

This research note is reproduced verbatim from the issuing firm. Price Target never edits, paraphrases or alters analysts’ words — we only republish them in one place.