Investment firm Evercore has recently increased its stock price target for Apple Inc. to $290, citing stronger-than-anticipated sales of the iPhone 17 Pro Max. This marks the second upward revision by Evercore in September 2025, reflecting growing confidence in Apple’s latest product offerings.
Earlier this month, on September 9, Evercore raised its Apple stock target from $250 to $260. This adjustment was based on expectations that the iPhone 17 lineup, particularly the newly introduced iPhone Air, would stimulate a significant upgrade cycle among consumers. The iPhone Air, priced at $999, was anticipated to attract users seeking a thinner and lighter device, drawing parallels to the transformative impact of the MacBook Air on Apple’s laptop lineup in 2008.
However, in its latest note to investors, Evercore has shifted its focus from the iPhone Air to the iPhone 17 Pro Max. The firm now believes that the Pro Max model is the primary driver behind the stronger-than-expected upgrade cycle. This shift in perspective is based on initial sales data and consumer interest, which indicate that the Pro Max’s advanced features and performance are resonating more with the market.
Pricing and Market Positioning
Apple’s pricing strategy for the iPhone 17 series has been a focal point for analysts. Despite a high-inflation environment, Apple has maintained its pricing structure, with the iPhone Air at $999 and the iPhone 17 Pro starting at $1,099. Notably, the Pro model now begins at the 256GB storage tier, offering more value at the same price point as the previous year’s equivalent. This strategic pricing is seen as a move to retain customer loyalty and compete effectively with high-end Android devices like Samsung’s Galaxy S25 Ultra and Google’s Pixel 9 Pro.
Product Highlights and Consumer Appeal
The iPhone 17 Pro Max has garnered attention for its enhanced battery life, offering up to 39 hours of video playback. This improvement addresses a common consumer pain point and adds to the device’s appeal. Additionally, the Pro Max’s advanced camera system and processing capabilities have been highlighted as key factors driving consumer interest.
Beyond smartphones, Evercore has noted the Apple Watch Series 11’s new hypertension monitoring feature as a significant addition. While not a traditional blood pressure monitor, this feature could make the watch eligible for health savings account purchases in the U.S., potentially unlocking incremental demand.
Investor Sentiment and Market Outlook
Evercore’s decision to raise its stock target to $290 reflects a bullish outlook on Apple’s ability to drive sales through innovative product offerings. The firm’s Outperform rating underscores confidence in Apple’s product cycle management and market positioning.
However, it’s important to note that while the iPhone 17 Pro Max’s initial sales are promising, the broader smartphone market has seen a trend of steady demand without significant breakout years since the 5G iPhone 12 cycle in 2020. Consumer behavior is complex, and while new features and design changes can stimulate interest, the days of mass migrations to new iPhone models every other year may be waning.
In the competitive landscape, other investment firms have also adjusted their outlooks on Apple. For instance, Wedbush Securities recently raised its 12-month price target to $310, citing stronger-than-expected demand for the iPhone 17 lineup. Conversely, J.P. Morgan trimmed its Apple stock target to $230 in June 2025, pointing to potential weaknesses in iPhone and Services sales.
Conclusion
Evercore’s revised stock target for Apple underscores the positive reception of the iPhone 17 Pro Max and its impact on the company’s financial outlook. While the initial sales figures are encouraging, the long-term success will depend on sustained consumer interest and Apple’s ability to continue innovating in a rapidly evolving market.
