Apple Stock Rises 4% Following Record iPhone 17 Sales

Apple’s shares experienced a notable increase of 4% on Monday, driven by strong early sales of the iPhone 17 series in its two largest markets: the United States and China. The positive market response reflects the company’s ability to capture consumer interest with its latest smartphone offerings.

Record Sales Momentum

According to data from Counterpoint Research, the iPhone 17 series, which was launched in September 2023, has outperformed its predecessor, the iPhone 16, by 14% within the first ten days of release in both the U.S. and China. This impressive sales performance indicates that the new model strikes the right balance between performance and pricing, particularly appealing to those who were reluctant to upgrade last year.

“The base model iPhone 17 is very compelling to consumers, offering great value for money,” stated Mengmeng Zhang, a senior analyst at Counterpoint. “With a better chip, improved display, higher base storage, and an upgraded selfie camera, all at the same price as last year’s iPhone 16, purchasing this device is a no-brainer, especially with channel discounts and coupons available.”

The growing interest in the base iPhone 17 model is particularly evident in China, where consumers have shown renewed enthusiasm for Apple products despite the competitive landscape posed by local brands. The initial sales figures indicate a strong rebound for Apple following a period of mixed demand for its previous generation of smartphones.

Analyst Upgrades Fuel Investor Confidence

In addition to the robust sales figures, Apple’s stock also benefited from an upgrade by Loop Capital, which raised its rating from Hold to Buy and adjusted its price target from $226 to $315 per share. In a note to clients, Ananda Baruah of Loop Capital noted, “While Wall Street is baking in some degree of outperformance from AAPL’s iPhone 17 family of products, we believe there remains material upside to Street expectations through CY2027.”

Loop Capital’s assessment highlights that demand for the iPhone 17 series has surpassed expectations, positioning Apple for sustained growth as it expands its hardware ecosystem and services revenue.

The early success of the iPhone 17 could mark a significant turning point for Apple, especially given that sales in the U.S. and China account for more than half of the company’s global smartphone earnings. Analysts anticipate that this upward trajectory will continue, particularly with the upcoming holiday quarter on the horizon.

As consumer preferences evolve, Apple’s ability to innovate while maintaining competitive pricing will be crucial in retaining market share against rising competition. The latest sales figures not only bolster investor confidence but also indicate a promising outlook for the tech giant as it navigates an increasingly crowded marketplace.