Evercore ISI Raises Apple Price Target To $380 On Stronger iPhone 18 Demand

According to CNBC, Evercore ISI raised its price target on Apple to $380 from $365 and kept an outperform rating on the stock, implying nearly 13% upside from Thursday's close. Analyst Amit Daryanani said the firm expects a better-than-expected iPhone refresh cycle led by the latest launches, with pricing potentially rising more than 20% because of higher average selling prices, pricier stock keeping units and a shift to higher memory configurations. Apple earlier this month said it would begin shipping its latest smartphones, the iPhone 18 Pro and Pro Max, on Friday, and both models are priced $100 above their prior-generation versions. Daryanani said Evercore's recent poll showed 53% of respondents plan to buy one of the new models, compared with a 51% average, while 32% expect to buy the Pro Max versus 29% last year. LSEG data showed 27 of the 45 analysts covering Apple rate the stock buy or strong buy, and shares are up 24% year to date.