CUPERTINO (dpa-AFX) - Apple's (AAPL) stock climbed 4% on Monday after reports indicated that the iPhone 17 series launched in September has outperformed the iPhone 16 series by 14% in first-10-day sales across the U.S. and China, according to Counterpoint Research.
Analysts attributed the surge to strong consumer appeal for the base model, which offers enhanced performance, upgraded camera, and higher storage at last year's price, boosted further by discounts and coupons.
Loop Capital upgraded Apple to 'buy' and raised its price target to $315 from $226, noting that demand strength may exceed Wall Street expectations through 2027. Evercore analysts also reiterated a bullish outlook, saying Apple is well positioned to beat September-quarter earnings forecasts.
Apple's momentum was further fueled by CEO Tim Cook's visit to China and the rapid sell-out of the new iPhone Air, signaling strong regional demand. Despite a modest 5% gain in 2025, Apple's stock has surged 24% over the past three months, narrowing its gap with other major tech peers.
AAPL currently trades at $263.64 or 4.50% higher on the NasdaqGS.
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