Evercore ISI Raises Apple Price Target to $380, Bullish on iPhone 18 Pricing Increase
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Evercore ISI lifted its Apple target from $365 to $380, implying ~13% upside; analyst Amit Daryanani sees iPhone 18 pricing gains exceeding 20% — a bet that consumers will pay meaningfully more per device, not just buy more of them.
Why raise the target to $380?
Daryanani maintains an Outperform rating, lifting his price target from $365 to $380 — roughly 13% above Thursday's close.
His core call: this iPhone refresh cycle will beat market expectations, driven not by unit growth but by higher revenue per device.
This means → Evercore is betting on a richer product mix, not a bigger install base — two fundamentally different growth stories.
Where does a 20%-plus pricing gain come from?
Daryanani expects Apple's pricing gains could exceed 20%, stacking three drivers: higher ASPs + a shift toward premium SKUs + memory upgrades across the lineup.
iPhone 18 Pro and Pro Max began shipping this month, each priced $100 above the prior generation.
In plain terms = Apple isn't just raising sticker prices — it's pushing the entire product mix upmarket. More buyers choose the expensive model, and the expensive model itself costs more. Both effects compound.
Will consumers actually pay up for pricier models?
A recent Evercore ISI consumer survey shows 53% of respondents plan to buy the Pro or Pro Max, above the historical average of 51%.
Within that group, 32% plan to buy the Pro Max — up from 29% a year ago.
This means → demand is tilting toward the most expensive SKU. Daryanani points to camera and feature upgrades on the Pro Max as the key draw.
Where does the rest of Wall Street stand?
Of the 45 analysts tracked by LSEG, 27 rate Apple a "Buy" or "Strong Buy" — Evercore's call is broadly in line with consensus.
Apple shares are up 24% year-to-date; the current valuation already prices in some optimism.
This reflects broad confidence in Apple's pricing power, not just one firm's view. The real test: whether the pricing-uplift thesis shows up in actual sell-through data — that will determine if this re-rating holds.
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