Apple shares rose 4% following strong early sales of the iPhone 17 in the U.S. and China. The iPhone 17 outsold the iPhone 16 by 14% in 10 days. Loop Capital upgraded Apple’s stock rating and raised its price target to $315.
Apple stock surged 4% on Monday, driven by strong early sales of the newly released iPhone 17 in both the U.S. and China.
According to data from Counterpoint Research, the iPhone 17 series, launched in September, outperformed its predecessor by 14% in the first 10 days of sales across the U.S. and Chinese markets.
Loop Capital responded to the strong demand by upgrading Apple’s stock rating from hold to buy, while raising its price target from $226 to $315 per share. The firm sees continued momentum ahead for the tech giant.
“Even though Wall Street is already factoring in some level of outperformance from the iPhone 17 lineup, we believe Apple still has significant upside potential through calendar year 2027,” said Ananda Baruah, analyst at Loop Capital, in a note to clients on Monday.
Mengmeng Zhang, senior analyst at Counterpoint, highlighted the base model iPhone 17 as a major selling point for consumers. “It offers excellent value for money—improved chip, better display, higher base storage, and an upgraded selfie camera—all at the same price as last year’s iPhone 16,” Zhang noted. “Add in discounts and coupons from retailers, and it becomes a no-brainer purchase.”
With iPhone 17 sales exceeding expectations, analysts believe Apple is well-positioned for a sustained rally.