Evercore Raises Apple Price Target on Strong iPhone Pro Demand

Evercore ISI has lifted its Apple price target to $290 from $260, maintaining an Outperform rating after surveying nearly 4,000 U.S. customers. The data reveals a stronger-than-expected iPhone refresh cycle, with 56% of respondents planning to purchase Pro models—exceeding the historical 50% average for premium tiers.

Demand concentrates in high-margin Pro devices while the new iPhone Air garners just 9% purchase intent due to battery and design concerns. T-Mobile's robust first-week sales data corroborates the trend toward premium models, where Apple maintains pricing power.

Camera capabilities, battery life, and display quality emerge as key purchase drivers. This product mix shift reinforces Apple's ability to monetize its installed base through hardware upgrades despite macroeconomic headwinds.