Evercore ups Apple price target to $290 on ‘better-than-expected iPhone refresh cycle’

Evercore’s latest customer survey points to stronger iPhone 17 demand led by Pro models, with buyers interested more in the camera, battery, and display than AI. Accordingly, Evercore has raised its Apple price target higher.
Annika Masrani for TipRanks:
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Apple’s new iPhone lineup has been in stores for one week and demand signals are already firming up. Evercore ISI polled nearly 4,000 U.S. customers and called it a “better-than-expected iPhone refresh cycle.” The Pro tiers “continue to resonate with customers,” with 56% of respondents planning to buy an iPhone 17 Pro or Pro Max, above the historical 50% average for prior Pro versions.
Evercore reiterated Outperform and lifted its price target to $290 from $260. The firm pointed to reports of strong first week sales at T-Mobile as added confirmation that the mix is tilting toward higher value models.
The new ultra-thin iPhone Air drew only 9% purchase intent in the survey. Respondents raised concerns about the camera design and battery life. This split between Pro strength and Air softness suggests Apple’s core strength remains concentrated in the top tiers, where pricing power and margins are structurally better.

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MacDailyNews Take: When people see the iPhone Air in the wild, and read reviews that ease concerns over battery life and camera capabilities, iPhone Air sales will increase.

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