Apple (NASDAQ: AAPL) shares surged to record highs on Monday, nearing the $4 trillion market capitalization milestone as new data revealed increased demand for the latest iPhone 17 lineup.
AAPL stock climbed to an intraday high of $264.38 before closing at $262.24, up over 4% for the day.
iPhone 17 sales data
The rally followed a report from Counterpoint Research showing that the iPhone 17 series outperformed the iPhone 16 lineup by 14% in early sales across China and the United States, Apple’s two largest markets.
Analysts attributed the strong performance to brisk demand for the iPhone 17 Pro Max and the newly introduced iPhone Air, which sold out within minutes in several major Chinese cities.
Notably, the iPhone 17’s success has prompted a wave of bullish revisions from Wall Street. For instance, Loop Capital upgraded Apple to ‘Buy’ from ‘Hold’ and raised its price target to $315 from $226, citing the start of a “multi-year upgrade cycle” that could extend through 2027, Apple’s 20th iPhone anniversary year.
Analyst John Donovan described the current phase as a “refresh cycle” driven by renewed design momentum and stronger long-term earnings visibility.
On the other hand, Wedbush Securities also reiterated its ‘Outperform’ rating and set a $310 price target, projecting that Apple could surpass Street expectations this quarter on both iPhone and Services revenue.
The firm’s Daniel Ives highlighted that Apple’s services segment continues to grow in double digits, providing an additional boost to earnings alongside hardware sales. He noted that roughly 315 million of Apple’s 1.5 billion global iPhone users have not upgraded in the past four years, suggesting ample room for continued growth.
Pessimism on AAPL stock price
However, not all analysts share the optimism. Phillip Securities downgraded the stock to ‘Reduce’ with a $200 target, while Jefferies’ Edison Lee maintained an ‘Underperform’ rating, warning that iPhone 17 sales momentum could cool and that excitement over a potential foldable iPhone might be “overdone.”
Despite the mixed views, market sentiment remains broadly positive as Apple’s latest product cycle highlights the technology giant’s strength and growing integration of artificial intelligence across its product lineup.
Featured image via Shutterstock
