Apple Stock Gets Stunning Price Target Hike on Strong iPhone Demand

Apple ( NASDAQ:AAPL ) is drawing fresh attention from Evercore ISI as consumer responses point to solid interest in the latest iPhone lineup. The firm lifted its price target to $380 from $365 while keeping its Outperform view.

Evercore surveyed nearly 4,000 U.S. consumers and found that 53% intend to buy an iPhone 18 Pro or Pro Max. The Pro Max accounted for 32% of purchase plans, compared with 29% in last year's survey.

The upgrade cycle also appears to be supported by aging devices. About 67% of respondents cited the age of their current iPhone as a reason to replace it, up from 48% a year earlier. The average device age fell to 23.5 months from 26.5 months.

Pricing could also lift revenue per device, with Evercore estimating average selling prices may rise about 28% as buyers favor premium models and higher storage options. Interest in Apple Watch and AirPods also increased, while 14% of respondents expressed interest in the upcoming foldable iPhone Duo.