According to AppleInsider, investment firm Evercore has raised Apple’s price target to $300, marking the third increase in just over a month driven primarily by strong demand for the iPhone 17 range. The firm previously raised targets from $250 to $260 on September 9, 2025, then to $290 on September 26, with the latest increase following Apple’s recent earnings report that showed slight iPhone revenue misses but supported the company’s claims of supply constraints. Evercore expects iPhone sales to reach double-digit growth next quarter as supply improves, while also noting Apple CEO Tim Cook’s confirmation that Apple Intelligence features remain on track for a 2026 launch, likely in spring. Despite Apple projecting $1.4 billion in tariff impacts next quarter, bringing total 2026 tariff costs to approximately $3.3 billion, Evercore maintains its bullish stance based on demand fundamentals. This continued optimism from a major financial analyst suggests deeper market dynamics at play.
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The Supply Constraint Paradox
What’s particularly telling about Evercore’s analysis is how supply constraints have become a bullish signal rather than a concern. In most industries, supply chain issues would trigger caution among investors, but for Apple, constrained supply of the iPhone 17 actually validates consumer demand and creates scarcity value. This dynamic reflects Apple’s unique position in the market where product launches generate their own economic gravity. The fact that analysts aren’t pressing for specific timelines on when supply will catch up with demand indicates they believe Apple’s premium positioning allows it to weather these constraints without significant market share erosion to competitors.
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The $3.3 Billion Tariff Question
The most remarkable aspect of this price target increase is that it comes despite Apple facing approximately $3.3 billion in tariff costs for 2026. Evercore’s confidence suggests they believe Apple has sufficient pricing power and operational efficiency to absorb these costs without materially impacting profitability or growth trajectory. This speaks volumes about Apple’s brand strength and the inelastic demand for its flagship products. However, this assumption carries risk – if consumer spending softens or if competitors use the tariff environment to gain pricing advantages, Apple’s ability to pass these costs through to consumers could be tested.
The Spring 2026 Catalyst
Evercore’s mention of Apple Intelligence launching in spring 2026 represents a significant timing expectation that goes beyond Apple’s vague 2026 guidance. Spring launches typically align with Apple’s WWDC event, suggesting the firm expects these AI features to be developer-focused initially rather than consumer-ready at launch. This timing also creates an interesting product cycle dynamic where Apple Intelligence could serve as a bridge between iPhone 17 and iPhone 18 launches, potentially smoothing what might otherwise be a seasonal revenue dip. The success of these AI features will be crucial for maintaining Apple’s competitive position against Google, Samsung, and emerging AI-first device makers.
Broader Ecosystem Impact
The continued bullish outlook on Apple has ripple effects throughout the Apple ecosystem, from developers to accessory makers to service providers. When a major financial firm demonstrates this level of confidence despite headwinds, it signals stability and growth potential for the entire Apple economy. However, this optimism also raises the stakes for Apple’s execution – any missteps in delivering on the promised demand recovery or Apple Intelligence timeline could trigger disproportionate negative reactions given the elevated expectations.
The Analyst Consensus Divergence
Evercore’s aggressive positioning at $300, especially given the tariff environment, may represent a divergence from more cautious analysts who might view these headwinds as more significant. This creates an interesting dynamic where Apple’s stock performance could become increasingly dependent on whether other firms follow Evercore’s lead or maintain more conservative targets. The coming quarters will be crucial in determining whether Evercore’s optimism is prescient or overly ambitious in the face of real economic pressures.
