Apple could extend its rally as new iPhone launches support demand and pricing, according to Evercore ISI, which rates the smartphone maker outperform. The investment firm raised its price target to $380 from $365, implying nearly 13% upside from Thursday’s close. Analyst Amit Daryanani said the iPhone refresh cycle could outperform expectations, with pricing potentially rising more than 20% through higher average selling prices, more expensive stock keeping units and increased memory configurations. Apple said earlier this month that it would begin shipping the iPhone 18 Pro and Pro Max on Friday, with both models priced $100 above their last-generation counterparts. Evercore ISI’s survey found that 53% of respondents planned to buy one of the two models, compared with a 51% average, while 32% expected to purchase the Pro Max, up from 29% last year. The firm cited upgrades to the Pro Max’s camera and broader functionality. The view is consistent with broader analyst sentiment: 27 of 45 analysts covering Apple have a buy or strong buy rating, according to LSEG data. Apple shares have risen 24% year to date.