Apple's stock opened slightly lower on Friday, but Wall Street analysts are increasingly optimistic about the company's latest iPhone cycle. The iPhone 18 Pro and Pro Max went on sale September 18, priced $100 higher than their predecessors, and several firms see this as a catalyst for revenue growth.
Evercore ISI raises price target to $380
Evercore ISI lifted its price target on Apple to $380 from $365, maintaining an Outperform rating. The new target implies nearly 13% upside from Thursday's close. Analyst Amit Daryanani expects the latest launches to drive a stronger-than-expected refresh cycle, citing potential for both unit growth and higher average selling prices.
Daryanani points to a combination of higher base prices, a greater mix of premium models, and increased memory configurations as key pricing drivers. The firm's recent survey shows 53% of respondents plan to buy an iPhone 18 Pro or Pro Max, up from an average of 51% in previous surveys. Interest in the Pro Max model is particularly strong, with 32% planning to purchase it, compared with 29% last year, supported by camera and functionality upgrades.
Apple shares have gained 24% year to date. According to LSEG data, 27 of 45 analysts covering the stock have a Buy or Strong Buy rating.
Bank of America sees carrier promotions as a tailwind
Bank of America is also constructive on the new iPhone cycle, highlighting increased trade-in incentives from US wireless carriers. Analyst Wamsi Mohan notes that the maximum trade-in credit for the iPhone 18 Pro Max has risen to $1,200 from $1,100 for the iPhone 17 Pro Max, offsetting the $100 price increase on the latest Pro models.
Mohan reiterated a Buy rating and a $370 price target, saying richer carrier promotions could help support demand despite higher upfront costs. The trade-in credits effectively reduce the net price for upgraders, which could bolster sales.
Morgan Stanley emphasizes Apple's AI positioning
Morgan Stanley has also reiterated its Overweight rating on Apple, alongside Meta and Alphabet. The firm argues that large technology platforms with scaled distribution and extensive proprietary data are well positioned to benefit from the development and adoption of personalized agentic AI offerings.
For Apple, the latest iPhone cycle comes as analysts assess both traditional hardware demand and the company's broader role in emerging AI-driven technology markets. The company's ecosystem and data advantages could support long-term growth beyond the current product cycle.
As the iPhone 18 Pro rollout continues, investors will be watching sales data and carrier promotions to gauge the strength of the upgrade cycle. The combination of higher pricing, strong consumer interest, and AI-related tailwinds has analysts generally optimistic about Apple's near-term prospects.
This article is for informational purposes only and does not constitute financial advice.
