Apple shares held steady in pre-market trading Friday, positioning the stock for a fifth consecutive weekly advance, as fresh Wall Street commentary suggested demand for its latest iPhone lineup may be running ahead of initial expectations. Evercore ISI raised its price target on Apple from $365 to $380 while reaffirming an "Outperform" rating, and Bank of America reiterated its "Buy" recommendation with a $370 target.
The revised target from Evercore draws on an annual survey of nearly 4,000 consumers, which the firm said points to a robust iPhone upgrade cycle. Analysts at the shop believe iPhone sales are poised to perform well through this wave of replacements, and they also flagged pricing as a potential source of upside, noting that certain models in the lineup could see price increases of more than 20%.
The survey also revealed that 53% of respondents plan to purchase a Pro model, versus a historical average of 51%, while the share planning to buy the Pro Max variant rose to 32% from 29% a year earlier. Notably, the primary driver of upgrades has shifted away from last year's AI-centric appeal toward hardware features like camera, battery life, and display quality — a pivot Evercore argues gives this cycle greater staying power, unlike the previous one where interest sparked by Apple Intelligence ultimately faded. The data further indicated that with a $100 price hike on Pro models and consumers gravitating toward higher storage tiers, average selling prices are being pushed upward.
At its September 9 launch event, Apple raised Pro model prices by $100 each: the iPhone 18 Pro now starts at $1,199 and the iPhone 18 Pro Max at $1,299, both with 256GB base storage and options up to 2TB. The company also unveiled its first foldable handset, the iPhone Duo, priced from $1,999, with pre-orders opening October 16. Pre-orders for the iPhone 18 Pro and Pro Max began September 12, with in-store availability starting September 18.
The flip side of higher prices is rising costs. According to TrendForce estimates, storage costs for the 256GB iPhone 18 Pro have surged nearly 400% year-over-year, pushing memory's share of total bill of materials from roughly 10% to 34%. Domestic media previously reported that Apple has accepted Samsung's memory pricing for the first quarter of 2027, reflecting a 30% to 40% increase over the third quarter of this year. This cost pressure is a key reason sell-side opinions diverge on gross margin outlook—a significant portion of the price increases is being absorbed by component expenses.
On the product cadence front, this fall's lineup covers only the Pro models and the foldable Duo, while the standard iPhone 18, iPhone 18e, and second-generation iPhone Air have been pushed to spring 2027. The Duo's pre-orders don't begin until October 16, roughly a month after the Pro models.
Bank of America also holds a constructive view on the current iPhone cycle, citing increased trade-in incentives from U.S. wireless carriers. Analyst Wamsi Mohan noted that the maximum trade-in credit for the iPhone 18 Pro Max has risen to $1,200 from $1,100 for the iPhone 17 Pro Max, an increase roughly offsetting Apple's $100 price hike on the latest Pro models. Mohan reiterated his "Buy" rating and $370 price target, saying richer carrier promotions should help support demand amid higher device prices.
Under the carriers' published terms, T-Mobile, AT&T, and Verizon are all offering maximum trade-in or subsidy credits of $1,200. Verizon and AT&T typically require a trade-in of an iPhone 14 or newer, while T-Mobile's threshold is an iPhone 15 Pro or newer—promotions clearly tilted toward users holding recent models. Mohan also cautioned that trade-ins don't eliminate upfront costs: consumers still pay activation fees and sales tax on the full retail price, putting initial out-of-pocket expenses at roughly $291 to $296 for the iPhone 18 Pro and $400 to $405 for the Pro Max. Carrier installment plans generally span 36 months.
On the stock price front, Apple shares were little changed in pre-market trading, and over the past day retail sentiment on Stocktwits hovered in "bearish" territory. Despite lingering market skepticism about price increases and new-device demand, the stock has shown resilience throughout the launch period. Of the 44 analysts covering Apple, 25 rate it "Strong Buy" or "Buy," 13 say "Hold," and just 6 recommend "Sell."
Market data shows Apple closed at $337.00 on September 17, up 1.38% on the day, with a year-to-date gain of roughly 23.7% and a total market capitalization near $4.9 trillion. The average sell-side price target stands at about $337. Target price dispersion remains wide: UBS maintained a "Neutral" rating and $296 target following the Duo launch, while Melius Research kept "Buy" with a $370 target—both notably below Evercore's $380.
On the question of demand strength, institutions tracking pre-order shipping times have reached divergent conclusions. In a September 14 report, Evercore ISI pegged the average lead time for the iPhone 18 Pro Max at roughly 25 days versus 19 days a year ago, and 16 days for the Pro versus 12 days last year, interpreting longer wait times in the U.S., U.K., and German markets as a positive demand signal. Bank of America reported in the opposite direction the same day: as of September 14, global average shipping times were 14 days for the Pro (versus 18 days last year) and 18 days for the Pro Max (versus 25 days), with the firm arguing this cycle is "less comparable" to prior years given Apple only released Pro models this time, moved pre-orders from Friday to Saturday, and set higher prices.
Jefferies, tracking six markets, said Pro Max lead times have shortened by 5 to 11 days year-over-year and maintained an "Underperform" rating with a $263.66 price target. JPMorgan's September 17 tracking report showed global average lead times of 19 days for the Pro and 26 days for the Pro Max as of September 16—essentially flat against last year's 20 and 26 days—but noted that first-week lead time expansions of 12 and 7 days respectively significantly exceeded last year's 5 and 2 days. The bank interprets the shorter opening-week times as reflecting inventory concentrated toward premium models rather than weak demand.
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