Evercore ISI told investors that its latest consumer survey points to a stronger-than-expected iPhone upgrade cycle for Apple, with pricing set to provide a sizable tailwind. The firm's annual survey of nearly 4,000 consumers indicated a better-than-expected refresh cycle led by the newest models, and Evercore said pricing could rise more than 20% on higher list prices, pricier models and a shift toward larger memory configurations. The firm wrote that Pro Max remains king, with 53% of respondents planning to buy the iPhone 18 Pro or Pro Max and 32% specifically eyeing the Pro Max, up from 29% a year ago, while demand for the new foldable iPhone Duo looked more subdued at 14% ahead of its mid-October launch. Upgrades are increasingly driven by aging devices, with 67% of respondents citing an old iPhone, up from 48% last year, and as consumers gravitate toward higher memory tiers and Apple rolls out 2-terabyte Pro and Duo models, Evercore sees average selling prices rising about 28%. The firm also flagged stronger interest in wearables, with Apple Watch purchase intentions at 38% and AirPods at 43%, both up on last year, and while it cautioned the survey is U.S.-specific, it said demand appears modestly ahead of last year and points to upside to fiscal 2027 revenue versus Street estimates of about 7% growth, keeping its outperform rating and raising its target to $380.
Apple Inc.Evercore survey shows stronger-than-expected iPhone upgrade cycle, higher Pro Max and wearables purchase intentions, and upside to fiscal 2027 revenue.
Applovin Corp
Evercore Partners IncEvercore ISI's survey and raised Apple price target to $380 reflect its analyst research, keeping its outperform rating.
