Apple price target raised to $250 from $220 at Evercore ISI

Evercore ISI raised the firm’s price target on Apple to $250 from $220 and keeps an Outperform rating on the shares. Apple’s stock has seen “a nice increase since WWDC, but we still think there is more room to run,” says the analyst, who notes that consensus is currently looking for 3% iPhone growth in FY25, but thinks this “looks too low.” Apple could see potential upside to double digit growth, adds the analyst, who is increasing the firm’s FY25 iPhone revenue growth estimate from 4% to 7% and “can see an upside scenario where growth hits double digits.”