Apple’s new iPhone 18 Pro range is now in stores. Investment firm Evercore believes upgrade demand for the iPhone 18 Pro range and new Apple Watch Series 12 is higher than predicted, prompting a target rise of $15. Back in May 2026, Evercore raised its price by $35 to $365, arguing that investors were ignoring Apple’s long-term prospects.

Now it has raised the price again, but this time because of what appear to be short-term issues. Specifically, the company reports that its survey of consumers suggests that the new iPhone range will prompt more upgrades than expected. The improvement is slight, but clear, and focused on the iPhone 18 Pro and iPhone 18 Pro Max. For instance, 32% of its survey plan to buy the iPhone 18 Pro Max, up from 29% who intended to buy the iPhone 17 Pro Max.

Evercore says most upgraders are driven by their current iPhone aging. Some 67% of respondents said this, compared to 48% in 2025. Buyers are also continuing to prefer higher-storage models, which tends to benefit Apple, which charges heavily for those configurations. A similar story applies to the new Apple Watch Series 12 and Apple Watch Ultra 4.

Evercore does not yet expect the new foldable iPhone Duo to do well. Its survey suggests 14% of respondents expected to buy it, up from 9% who said they would buy an iPhone Air in 2025. The iPhone Duo pre-orders begin on October 16, 2026.