CUPERTINO, CA — Apple (AAPL) stock soared on Monday, closing at a record-high of $262.24, a nearly 4% jump, after a new report signaled a remarkably strong start for the iPhone 17 series in two critical markets: the U.S. and China.
The rally comes as Cupertino’s latest flagship device, which launched in September, appears to be exceeding expectations globally.
Demand Outpaces Previous Generation
According to data released by Counterpoint Research, the iPhone 17 series has outsold its predecessor, the iPhone 16 series, by 14% within its first 10 days of availability across the U.S. and China.
The unexpected demand seems to be driven by the base model’s compelling value proposition. “The base model iPhone 17 is very compelling to consumers, offering great value for money,” said Counterpoint senior analyst Mengmeng Zhang. “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.”
Wall Street Sees “Material Upside”
Investment banks were quick to react to the sales data. Loop Capital upgraded Apple’s stock from a Hold to a Buy, dramatically raising its price target to $315 per share from the previous $226.
Loop Capital analyst Ananda Baruah told clients that while the Street is already anticipating some strong performance, there’s still significant room for growth. “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,” Baruah wrote in a note.
Similarly, Evercore analyst Amit Daryanani reiterated an equivalent of a Buy rating on the stock, noting that Apple is well-positioned for its upcoming financial release. “We think AAPL is well positioned to report upside to Sep-qtr expectations later this month,” Daryanani wrote in a Sunday note.
China’s “iPhone Air” Adds Fuel to the Fire
Bullish sentiment was further supported by strong product interest in the crucial Chinese market. Last week, CEO Tim Cook was in China meeting with officials and employees. His visit coincided with the launch of the new iPhone Air, a device that reportedly sold out in minutes after going on sale, according to the South China Morning Post.
Evercore’s Daryanani specifically cited the iPhone Air’s apparent popularity in China as a potential catalyst for boosting Apple shares.
Catching Up to the Magnificent 7
Monday’s strong performance marks a turning point for Apple’s stock, which has had an uneven year. Despite the latest surge, the stock is still up only about 5% in 2025, significantly lagging behind its Magnificent 7 peers like Nvidia, Meta, Microsoft, and Alphabet.
However, the recent momentum is undeniable: over the last three months, Apple shares have roared 24%, suggesting the iPhone 17 super-cycle could be exactly what the tech giant needs to close the gap.
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