Apple Stock Near Buy Point As iPhone 18 Pro Goes On Sale

Evercore ISI reports a better-than-expected iPhone 18 Pro refresh cycle, with 67% of buyers upgrading due to aging phones. The firm raised Apple's price target to $380, citing higher ASPs and Pro model demand. Analysts note potential risks, including price sensitivity and foldable cannibalization.

Evercore raised its AAPL price target to $380 from $365, citing higher-than-expected upgrade demand for the iPhone 18 Pro range and Apple Watch Series 12, based on consumer surveys. The firm notes increased interest in higher-storage models and aging devices driving upgrades, despite some analysts' concerns about slow pre-orders.

Apple (AAPL) shares are on track for a fifth straight weekly gain. Evercore ISI raised its price target to $380, citing strong iPhone refresh demand and potential 20% price increases. BofA noted higher trade-in incentives from carriers. AAPL has gained 23% YTD and 40% in 12 months, with a consensus price target of $327.84.

Apple released AirPods 5, available Sept. 18, with two models priced at $129 and $149. Features include improved noise cancellation, better sound quality, and longer battery life. Prices are lower than the previous generation, according to Apple.

Apple launched a privacy-focused Siri AI upgrade, but it won't be available in the EU or China due to regulatory hurdles. The new features rely on on-device processing and a private cloud system. Apple is working to comply with EU regulations, but no timeline for availability has been provided. The delay means EU users will miss out on new Siri capabilities, including on-screen awareness and improved image understanding.

Evercore ISI raised its Apple price target to $380, citing strong iPhone 18 Pro and Pro Max launches. The firm expects higher pricing and unit sales, with 53% of respondents planning to buy. Apple shares have risen 24% YTD, with 27 of 45 analysts recommending buy or strong buy.