Evercore ISI reiterates Apple stock rating on strong iPhone demand

Evercore ISI has maintained an Outperform rating and a $365.00 price target for Apple Inc. (NASDAQ:AAPL) following the start of pre-orders for the iPhone 18 Pro and Pro Max models, citing strong demand for the new devices. The stock is currently trading at $334.44, near its 52-week high, with a 22.5% increase year-to-date. Despite Apple being overvalued relative to its Fair Value, the company maintains a strong financial health score.

Pre-orders for the new iPhone 18 Pro and Pro Max began on September 12 at 8 a.m. ET, with an average delivery time of 25 days for the Pro Max, compared to 19 days last year. The iPhone Duo, a new foldable iPhone model, will have a starting price of $1,999 and is set to launch on September 18.

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