Apple iPhone Refresh Cycle Better-Than-Expected, Says Evercore As AAPL Stock Heads For 5th Straight Weekly Gain

• Evercore’s survey of nearly 4,000 consumers points to a strong iPhone refresh cycle and potential for higher pricing.
• The firm raised its Apple price target to $380 from $365 and maintained an 'Outperform' rating.
• Previously, BofA maintained a 'Buy' rating and $370 price target, citing that higher carrier incentives should help support iPhone demand.

Apple (AAPL) shares were little changed in early morning trade on Friday, on track for a fifth consecutive weekly gain, with fresh Wall Street commentary pointing to potentially strong demand for the company’s latest iPhone lineup.

Evercore ISI raised its price target on Apple to $380 from $365 while maintaining an 'Outperform' rating. The firm’s latest view is based in part on an annual survey of nearly 4,000 consumers, which it said points to a strong iPhone refresh cycle.

The analyst sees room for iPhone unit sales to perform well during the latest refresh and highlighted pricing as another potential source of upside. Evercore said pricing could rise by more than 20% in some areas of the lineup.

AAPL stock edged 0.1% higher in pre-market trade, with retail sentiment around the shares trending in ‘bearish’ territory over the past day on Stocktwits. Apple shares have remained resilient through the launch period, despite concerns about higher prices and questions around demand for the new models.

BofA Sees Carrier Deals Supporting Demand

Bank of America is also constructive on the latest iPhone cycle, pointing to higher trade-in incentives from U.S. wireless carriers.

In note to investors cited by TheFly on Thursday, BofA analyst Wamsi Mohan said the maximum trade-in credit for the iPhone 18 Pro Max has increased to $1,200 from $1,100 for the iPhone 17 Pro Max. The increase roughly matches the $100 price increase on Apple’s latest Pro models.

Mohan reiterated a 'Buy' rating and $370 price target on Apple, stating that richer carrier promotions should help support demand despite higher device prices.

How Does The Rest Of Wall Street Feel About AAPL Stock?

AAPL stock has gained around 23% year-to-date and over 40% in the last 12 months. The 12-month average price target on the shares stands at around $327.84, according to Koyfin data, which sits below AAPL stock’s closing price of $337 on Thursday, implying a downside of 2.7%. 

However, out of the 44 analysts covering the stock, 25 give it a ‘Strong Buy’ or ‘Buy’ rating and 13 recommending ‘Hold. Only six analysts recommend a ‘Sell’ on AAPL shares. 

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