Apple shares rose 4% on Monday as iPhone 17 sets new sale records in the US and China.
The latest series, which was released in September, has outsold the iPhone 16 series by 14% within its first 10 days of availability.
Counterpoint senior analyst Mengmeng Zhang noted in the report, "A better chip, improved display, higher base storage, selfie camera upgrade – all for the same price as last year’s iPhone 16. Buying this device is a no brainer, especially when you throw channel discounts and coupons into the mix."
According to Loop Capital, Apple is expected to rally, with demand for the latest iPhone generation exceeding expectations.
The investment bank upgraded Apple from "hold" to "buy", raising its price target to $315 per share from $226.
As reported by CNBC, Loop Capital's Ananda Baruah said in a note to clients on Monday, "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."
Last week, Apple CEO Tim Cook visited employees and government officials in China and appeared at a launch for Apple's new iPhone Air, which reportedly sold out in minutes after they dropped, according to the South China Morning Post.
