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Investing.com - Evercore ISI raised its price target on Apple (NASDAQ:AAPL) to $260.00 from $250.00 on Wednesday, while maintaining an Outperform rating following Apple’s product launch event. The tech giant, currently trading at $234.35 with a market capitalization of $3.48 trillion, is showing strong momentum, though InvestingPro analysis suggests the stock is trading above its Fair Value.
The firm highlighted the introduction of the new iPhone Air model alongside the iPhone 17 base, Pro, and Pro Max models. Evercore ISI noted significant form factor changes across the iPhone lineup that could potentially drive an upgrade cycle among iOS users. With annual revenue of $408.62 billion and an InvestingPro Financial Health score of "GOOD," Apple appears well-positioned to capitalize on this product refresh.
The iPhone Air, priced at $999, was described as the "showstopper" of the event, with Evercore ISI comparing its potential impact to the "MacBook Air moment for iPhones." The firm also pointed out that Apple maintained consistent pricing across most of its product lineup, with the Pro model’s entry price increasing to $1,099 primarily due to memory configuration changes.
Evercore ISI also emphasized improvements in battery life, with the Pro Max and Air models featuring significant enhancements. The Pro Max offers 24 hours without charging and 39 hours of video playback, while the Air provides 27 hours of video playback.
The firm additionally noted the Apple Watch’s new blood pressure monitoring capability, suggesting it could potentially qualify the device for Health Savings Account (HSA) approval and drive additional purchases. Analyst price targets currently range from $175 to $300, reflecting varied opinions on Apple’s growth potential. For deeper insights and access to over 15 additional ProTips about Apple, visit InvestingPro, where you’ll find comprehensive analysis in our Pro Research Report.
In other recent news, Apple has unveiled its iPhone 17 series, which includes the iPhone 17, iPhone 17 Pro, and iPhone 17 Pro Max, set to be released on September 19. The iPhone 17 features a new Center Stage front camera, a larger Super Retina XDR display with ProMotion technology, and improved durability with Ceramic Shield 2. The Pro models boast a redesigned aluminum unibody and an integrated vapor chamber cooling system for enhanced performance and battery life. Additionally, Apple introduced the iPhone Air, its thinnest iPhone to date, featuring a titanium frame and Ceramic Shield protection, available for pre-order starting September 12. The new Apple Watch Series 11 also made its debut, offering hypertension alerts, sleep quality tracking, and extended battery life. HSBC has maintained its Hold rating on Apple, with a price target of $220.00, following these product announcements. These recent developments highlight Apple’s continued focus on innovation in both design and functionality.
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