Apple (NASDAQ: AAPL) is already trading with considerable optimism baked into its valuation, but one prominent Wall Street firm believes the latest iPhone cycle gives investors fresh reason to remain confident.
Evercore ISI raised its price target on Apple to $380 while maintaining an Outperform rating on the stock, pointing to stronger-than-expected consumer demand signals.
The upgraded target follows Evercore ISI’s annual consumer poll, which surveyed nearly 4,000 customers and found purchase intent for Apple’s newest smartphones came in ahead of expectations.
Interest in Apple’s premium smartphone tier was particularly striking, with approximately 53% of prospective iPhone buyers saying they plan to purchase an iPhone 18 Pro or Pro Max model.
That compares with an average of 51% who indicated plans to buy premium iPhone models in the prior year’s survey, suggesting the high-end tier is gaining incremental ground with consumers.
A more fundamental driver also appears to be supporting the upgrade cycle, with 67% of respondents saying they are upgrading from an outdated iPhone, up sharply from 48% who said the same last year.
That jump in upgrade-driven demand suggests pent-up replacement activity could provide a meaningful tailwind to iPhone sales volumes beyond any single product feature cycle.
Evercore ISI’s bullish findings extended beyond the iPhone, with purchase intentions for the Apple Watch climbing to 38% from 34% in the prior year’s survey, with consumer interest tilting toward the Series 12.
AirPods buying intentions also showed improvement, rising to 43% from 40%, adding to a broader picture of strengthening consumer engagement across Apple’s hardware lineup.
While those accessory gains may appear modest in isolation, they carry strategic weight because Apple’s device ecosystem means an iPhone customer is frequently also a buyer of Apple Watch and AirPods products.
The combination of a robust premium iPhone upgrade cycle and rising interest in wearables and audio products reinforces the case that Apple’s revenue streams across hardware categories are moving in a positive direction simultaneously.
With a $380 price target now on the table from Evercore ISI, the firm is signaling it sees meaningful upside from current levels, backed by tangible consumer demand data rather than speculation alone.
