Evercore ISI reiterates Apple stock rating on strong iPhone demand
Evercore ISI maintains an Outperform rating and $365 price target for Apple Inc. (NASDAQ:AAPL) following the initial pre-orders for the iPhone 18 Pro and Pro Max models. The stock is trading at $334.44, near its 52-week high, with a 22.5% year-to-date increase. Despite appearing overvalued relative to its Fair Value, Apple maintains a strong financial health score.
The new iPhone 18 Pro and Pro Max models launched on September 18, with average delivery times of 25 days for Pro Max and 16 days for Pro, compared to 19 and 12 days last year, respectively. Pre-orders for the iPhone Duo, priced at $1,999, will not begin until October 16, with earliest delivery times ranging from 15 to 23 days depending on the region. China and Japan show delivery dates similar to last year, with up to 30-day wait times.
Analysts have noted longer delivery times in the US, UK, and Germany compared to last year for both models. Two other firms - UBS and BofA Securities - have also reviewed Apple's stock, with UBS holding a Neutral rating at $296 and BofA Securities lowering their price target to $370 amid margin pressures. Melius Research retained a Buy rating at $370, optimistic about the revenue potential of the iPhone Duo.
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