Evercore has nudged its price target for Apple stock up to $380, citing stronger-than-expected upgrade interest in the new iPhone 18 Pro lineup and Apple Watch Series 12. The investment firm attributes the upgrade momentum not to long-term fundamentals this time, but to heightened short-term demand. Evercore’s previous target was $365, raised in May 2026.
Survey Signals Upgrade Surge
Consumer survey data underpins Evercore’s optimism. About 32% of U.S. respondents in its latest poll said they intend to purchase the iPhone 18 Pro Max—an increase from 29% in 2025 for the iPhone 17 Pro Max. Additionally, a growing share of current owners—67%—cite aging iPhones as their reason for upgrading, up from 48% during the same period last year.
Storage preferences are shifting upward, too. More buyers are gravitating toward high-storage configurations, which tend to yield greater revenue per unit for Apple. On the Apple Watch front, 38% of those surveyed expressed intent to buy either the Series 12 or Ultra models, a modest rise from 34% in 2025, with most favoring the Series 12.
iPhone Duo’s Mixed Outlook
The new foldable iPhone Duo remains a wild card. Only about 14% of survey participants said they plan to get one, an improvement over the 9% who had shown interest in purchasing an iPhone Air in last year’s survey. Evercore notes demand could increase once the Duo becomes available for hands-on evaluation and highlights that U.S.-only surveying may underrepresent international, especially Chinese, interest.
The iPhone Duo is set to begin pre-orders on October 16, 2026, while the iPhone 18 Pro is already available in stores nationwide.
Evercore’s revised target reflects a recalibration based on these near-term shifts: more upgrades driven by device aging, higher attachment of premium storage options, and rising Watch demand—conditions that benefit Apple ahead of its next fiscal reporting.
What It Means
For investors, the signs point toward stronger-than-expected revenue in the iPhone and Watch segments. Apple’s move toward fewer models, the new iPhone Pro variants, and a foldable device introduce variables that analysts are watching closely. While some analysts had been cautious—highlighting weaker-than-anticipated pre-order activity—Evercore’s survey suggests those early indicators may understate actual consumer interest.
This upward revision is not just about numbers—it’s a snapshot of how Apple is navigating its product cycle. With device upgrades driven more by age than features, and with greater demand for premium storage, Apple may see better margins per unit sold. Meanwhile, the iPhone Duo could exceed expectations once it’s broadly available. Stay tuned for Apple’s upcoming earnings report to see how these signals translate into real financial performance.
