Apple AAPL stock opened 0.45% lower on Friday.
However, analysts remain constructive on the stock, pointing to potential strength in demand for the iPhone 18 Pro models and higher pricing.
Apple began selling the iPhone 18 Pro and Pro Max on September 18.
The latest models are priced $100 higher than their previous-generation counterparts, adding to expectations that the new product cycle could support revenue growth.
Evercore ISI raises Apple price target
Evercore ISI raised its price target for Apple to $380 from $365 while maintaining an Outperform rating on the stock.
The new target implies nearly 13% upside from Thursday’s closing price.
Evercore ISI analyst Amit Daryanani said the firm expects the latest launches to contribute to a stronger-than-expected iPhone refresh cycle.
He also sees potential for both unit growth and higher average selling prices.
Daryanani pointed to a combination of higher prices, a greater mix of higher-priced models and increased memory configurations as potential drivers of pricing.
Evercore ISI’s recent survey also indicated continued interest in the new Pro models.
According to the firm’s poll, 53% of respondents said they planned to purchase an iPhone 18 Pro or Pro Max, compared with an average of 51% in previous surveys.
The survey also found that 32% of respondents expected to purchase the Pro Max, up from 29% last year.
Daryanani highlighted camera and broader functionality upgrades on the Pro Max as factors supporting interest in the model.
Apple shares have gained 24% year to date.
LSEG data cited in the report shows that 27 of the 45 analysts covering Apple have a Buy or Strong Buy rating.
Bank of America sees support from carrier promotions
Bank of America is also constructive on Apple’s latest iPhone cycle, pointing to higher trade-in incentives from US wireless carriers.
BofA analyst Wamsi Mohan said the maximum trade-in credit for the iPhone 18 Pro Max has increased to $1,200 from $1,100 for the iPhone 17 Pro Max.
The increase is roughly equal to the $100 price increase on Apple’s latest Pro models.
Mohan reiterated a Buy rating and a $370 price target for Apple.
He said richer carrier promotions could help support demand despite the higher prices of the latest devices.
The higher trade-in credits could therefore offset part of the increase in upfront pricing for customers upgrading to Apple’s latest Pro models.
Morgan Stanley highlights Apple’s AI positioning
Morgan Stanley has also reiterated its Overweight rating on Apple, alongside Meta and Alphabet.
The firm said large technology platforms with scaled distribution and extensive proprietary data are well positioned to benefit from the development and adoption of personalised agentic AI offerings.
Morgan Stanley considers Apple, Meta and Alphabet among the companies best positioned in this area, citing the importance of distribution and unique data sets for agentic AI.
For Apple, the latest iPhone cycle therefore comes as analysts assess both traditional hardware demand and the company’s broader positioning in emerging AI-driven technology markets.
The post Apple stock: Analysts see upside as iPhone 18 Pro sales begin appeared first on Invezz