Evercore Maintains $330 Target as Apple Launches $599 iPhone 17e, M4 iPad Air
Evercore ISI reaffirmed its Outperform rating and $330 price target on Apple following launch of the iPhone 17e and refreshed iPad Air, both starting at $599. The iPhone includes 256GB base storage with the A19 chip and C1X modem, while the iPad Air adds M4, C1X and N1 wireless chip.
1. Product Refresh and Pricing
Apple introduced the iPhone 17e and refreshed iPad Air, each starting at $599, matching previous price points. The iPhone’s base model storage doubled to 256GB from 128GB, while the iPad Air retains its form factor with updated internal components.
2. Updated Apple Silicon Integration
The iPhone 17e ships with the new A19 chip and C1X cellular modem, and the refreshed iPad Air features the M4 chip, the same C1X modem plus the N1 wireless networking chip enabling Wi-Fi 7 and Bluetooth 6. These upgrades are designed to support upcoming Apple Intelligence features and improve battery life.
3. Analyst Rating and Cost Strategy
Evercore ISI maintained its Outperform rating and $330 price target, noting that tighter integration of proprietary silicon and enhanced memory configurations should help offset rising NAND and DRAM costs. The firm sees these incremental updates as strategic groundwork ahead of broader AI and Siri enhancements later this year.