Apple stock rating maintained by Evercore ISI amid strong carrier promotions

Investing.com - Evercore ISI has reiterated an Outperform rating and $260.00 price target on Apple (NASDAQ:AAPL), currently trading at $238.90 and near its 52-week high of $260.10, as iPhone 17 and Air preorders begin with robust carrier support. According to InvestingPro, Apple maintains a GOOD financial health score and commands a substantial $3.54 trillion market capitalization.

Major U.S. carriers are offering enhanced promotions for the new iPhone lineup, with AT&T, T-Mobile, and Verizon providing up to $1,100 off iPhone 17 Pro or Pro Max models with eligible trade-ins and unlimited plans. This represents a $100 increase from last year’s $1,000 promotion level, primarily reflecting the higher base storage in Pro models.

All three carriers are offering $830 toward the standard iPhone 17, covering the full cost of the base configuration. For the new iPhone Air, Verizon and T-Mobile promotions cover the entire $999 base model cost, while AT&T offers $830 toward the device.

These promotional credits are distributed over extended periods—36 months for AT&T and Verizon, and 24 months for T-Mobile—requiring customers to maintain their subscriptions for the full term to receive the complete benefit.

Evercore ISI views carrier promotions as a "strong driver of iPhone refresh" and believes the $1,000 offers from Verizon and T-Mobile toward the iPhone Air "may help drive additional interest towards the new model."

In other recent news, Apple reported significant developments across various areas. Bernstein SocGen Group initiated coverage on Apple with an Outperform rating, setting a price target of $290. They highlighted Apple’s strategic position to leverage advancements in artificial intelligence. Meanwhile, Goldman Sachs maintained its Buy rating on Apple, citing strong demand for the iPhone 17, with longer lead times indicating robust consumer interest compared to previous models. Additionally, Apple has expanded its partnership with Klarna to offer flexible payment options for in-store purchases using Apple Pay in the U.S. and UK, enhancing consumer convenience.

In personnel news, Apple’s senior artificial intelligence executive, Robby Walker, is departing the company. Walker’s previous responsibilities included leading the Siri team, which recently underwent a leadership change. Furthermore, Apple CEO Tim Cook made a notable visit to Corning’s Harrodsburg facility, which manufactures glass components for iPhones and Apple Watches, marking a significant event highlighted by media coverage. These developments reflect Apple’s ongoing efforts in technology advancement and strategic partnerships.

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