• Evercore ISI raises its price target for Apple (AAPL) to $290 from $260, maintaining an Outperform rating.
  • A survey of 4,000 U.S. consumers points to a stronger-than-expected iPhone 17 refresh cycle, with Pro models and higher memory configurations driving an estimated 7% year-over-year increase in average selling prices.
  • Analyst Amit Daryanani noted weaker initial demand for the new iPhone Air but highlighted stronger momentum in Services, particularly Apple Pay.

Evercore ISI has boosted its outlook on Apple Inc., signaling increased confidence in the tech giant's upcoming product cycle and its ability to command higher prices. The firm's revised price target of $290, up from $260, follows proprietary survey data that suggests robust consumer intent heading into the iPhone 17 launch.

The survey of 4,000 consumers indicates that demand is skewing significantly toward premium Pro models and devices with increased storage capacity. This product mix shift is a key factor behind Evercore's projection that average selling prices for the iPhone could climb approximately 7% year-over-year. "Early sales data and U.S. survey results suggest a solid start to the cycle," wrote analyst Amit Daryanani in the note to clients.

While the flagship iPhone 17 appears poised for strength, the report offered a more tempered view on the newly introduced iPhone Air, noting weaker-than-anticipated demand. This was offset, however, by continued strong momentum in Apple's high-margin Services division. Daryanani specifically called out the performance of Apple Pay as a notable contributor.

The bullish assessment comes on the heels of Apple's own strong financial performance. The company recently reported record quarterly revenue, with iPhone sales and Services revenue both posting double-digit year-over-year growth. Apple's management has also emphasized its focus on navigating global supply chain and tariff pressures through strategic cost management.

Attempts to reach Apple for additional comment on the survey findings were not immediately successful. The company typically does not comment on analyst reports or forward-looking product speculation. With the iPhone cycle being a primary driver of Apple's financial results, this early positive signal will likely be closely watched by investors as the launch window approaches.