Evercore ISI reiterated its Outperform rating and $365 price target for Apple Inc. (NASDAQ: AAPL) after the company unveiled refreshed Mac mini models powered by its latest M-series chips.
The new Mac mini lineup, announced on Tuesday, includes base models featuring the M6 chip and higher-end configurations with the M5 Pro processor. Preorders opened the same day, with shipping expected to begin on September 22.
Pricing for the M6-based Mac mini starts at $899, a $300 increase over the original M4 launch price. The M5 Pro base model is priced at $1,699, also $300 above the prior M4 Pro launch price. Both configurations introduce upgrades such as Wi-Fi 7, Bluetooth 6, and 2.5Gb Ethernet, with the M5 Pro adding Thunderbolt 5 support.
Apple claims the M6 chip delivers up to 4x faster AI performance, 2x faster graphics and storage, and 40% faster CPU performance compared with the M4 generation. The M5 Pro scales to an 18-core CPU, 20-core GPU, and up to 64GB of unified memory, targeting professional workflows and larger local AI models.
The analyst firm noted Apple’s market capitalization remains above $4.5 trillion, with shares up 37% over the past year despite being deemed overvalued relative to fair value. Apple trades at a P/E ratio of 35.5, according to InvestingPro data.
Separately, BofA Securities maintained a Buy rating on Apple, citing strong capital returns and potential for AI capabilities at the device edge.
The updates follow Apple’s broader push into AI integration across its hardware lineup, coinciding with regulatory scrutiny. Germany’s Federal Cartel Office previously found Apple’s App Tracking Transparency framework favored its own apps over third-party developers, prompting Apple to adjust its rules.
