Survey shows Apple is seeing a better-than-expected iPhone refresh cycle

Investing.com -- Evercore ISI told investors in a note that its latest consumer survey points to a stronger-than-expected iPhone upgrade cycle for Apple, with pricing set to provide a sizable tailwind.

The firm's annual survey of nearly 4,000 consumers is said to have pointed to a "better-than-expected iPhone refresh cycle," led by the newest models.

Beyond unit strength, Evercore said pricing could rise more than 20%, driven by higher list prices, pricier models and a shift toward larger memory configurations.

"Pro Max Remains King," the firm wrote, with 53% of respondents planning to buy the iPhone 18 Pro or Pro Max, and 32% specifically eyeing the Pro Max, up from 29% a year ago.

Demand for the new foldable iPhone Duo looked more subdued at 14%, though Evercore expects that to improve closer to its mid-October launch.

The survey showed upgrades increasingly driven by aging devices, with 67% of respondents citing an old iPhone, up from 48% last year.

As consumers gravitate toward higher memory tiers and Apple rolls out 2-terabyte Pro and Duo models, the firm sees average selling prices rising about 28%.

Evercore also flagged stronger interest in wearables, with Apple Watch purchase intentions at 38% and AirPods at 43%, both up on last year.

It cautioned the survey is U.S.-specific, but said demand appears modestly ahead of last year and points to upside to fiscal 2027 revenue versus Street estimates of about 7% growth. The firm kept its outperform rating and raised its target to $380.

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