Evercore Raises $AAPL Price Target to $380 on Strong iPhone Demand Signals

Evercore ISI raised its price target on $AAPL to $380 while maintaining an Outperform rating, following its annual survey of nearly 4,000 customers that found stronger-than-expected purchase intent for the newest iPhones, according to Investing.com.
About 53% of respondents planning to buy an iPhone said they expect to get an iPhone 18 Pro or Pro Max, up from 51% last year, with the Pro Max alone accounting for 32% of purchase intentions versus 29% a year ago. Roughly 67% cited an aging device as a reason to upgrade, up sharply from 48% last year, with the average device age at 23.5 months, down from 26.5 months.
Evercore also flagged longer delivery times for the iPhone 18 Pro and Pro Max after preorders began as a possible sign of strong early demand. Purchase intentions also rose for the Apple Watch (38% vs. 34%) and AirPods (43% vs. 40%). Bank of America separately maintained its Buy rating and $370 price target, citing stronger carrier incentives, per GuruFocus.
$AAPL shares recently traded around $337, near their 52-week high of $344.57 and up nearly 35% over six months; Evercore's $380 target implies about 13% further upside.