Investment firm Evercore believes that 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's 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 also focused on the iPhone 18 Pro and iPhone 18 Pro Max.

In a note to investors seen by AppleInsider, Evercore says, for instance, that 32% of its survey plan to buy the iPhone 18 Pro Max. That's up from 29% who intended to buy the iPhone 17 Pro Max.

The company maintains that while there are impressive new features in the latest models, most upgraders are driven by their current iPhone aging. Some 67% of respondents said this, compared to 48% in 2025.

For Apple's earnings, Evercore further notes that buyers are continuing to prefer higher storage capacity models. This tends to benefit Apple which charges heavily for those configurations.

It's a similar story for the new Apple Watch Series 12 and Apple Watch Ultra 4. The analysts report that 38% of respondents intend to buy, compared to 34% in 2025, with an unspecified majority favoring the Apple Watch Series 12.

Evercore's reasoning does run counter to many recent analysts who have focused on what appeared to be a comparatively slow start to iPhone 18 Pro pre-orders online. But this year's launch is significantly different with fewer models plus a new foldable, so much of the analysis appears to be guesswork.

iPhone Duo outlook

One area that Evercore does not yet expect to do well for Apple is the new foldable iPhone Duo. At present, its survey suggests 14% of respondents expected to buy it.

That is, though, an improvement on the 9% who in 2025 said they would be buying an iPhone Air.

Plus Evercore cautions that iPhone Duo demand could improve once it has actually launched and buyers can test it out. Plus its analysts also note that its survey was confined to the US and although they don't mention this, foldables have traditionally done significantly better in China.

Pre-orders for the iPhone Duo begin on October 16, 2026. The iPhone 18 Pro is now available both online and in Apple Stores.