Key Takeaways
- Apple stock hit an intraday all-time high and a record close on Monday.
- The spike is attributed to strong demand for the new iPhone 17 series, which have significantly outperformed initial iPhone 16 sales, according to Counterpoint Research.
- Apple is at the “front end” of a “long-anticipated [iPhone] upgrade cycle” that will last through 2027, per analysts.
Apple stock reached an all-time high on Monday, hitting an intraday record of $264.38 and a record close of $262.24.
The stock price surpassed its previous all-time high of $260.10 in intraday trading set on December 26, 2024.
The recent rally followed a report released Monday from Counterpoint Research indicating that initial iPhone 17 sales have significantly outperformed initial iPhone 16 sales. According to the report, sales of the iPhone 17 series surpassed those of the iPhone 16 by 14% during the first 10 days after launch in both the U.S. and China, Apple’s two biggest markets.
Related: Apple Is Reportedly Launching Touchscreen MacBooks After Resisting the Trend for Over a Decade
The report also showed that the iPhone 17 Pro Max has been selling especially well in the U.S., where phone carriers, including T-Mobile, Verizon and AT&T, are offering deals to make the premium device more appealing to customers.
“The emphasis on Pro Max offers has made the ultra-premium Apple device more accessible to customers, bolstering premiumization trends and strengthening high-value customer ties to the Apple ecosystem,” Counterpoint analyst Maurice Klaehne said in the report.
Meanwhile, the base iPhone 17 has been selling remarkably well in China, with unit sales nearly twice that of iPhone 16 sales at the same time last year, per Counterpoint.
Related: Apple’s Foldable iPhone Release Date Has Been Revealed, According to a JPMorgan Investor Letter
The positive momentum has led analysts to raise their outlook for Apple. Investment bank and broker-dealer Loop Capital, for example, upgraded the stock from hold to buy on Monday, forecasting that Apple’s share price would reach $315, driven by strong iPhone demand.
Apple is at the “front end” of a “long-anticipated [iPhone] upgrade cycle” that will last through 2027, Loop analyst Ananda Baruah predicted in a client note, per Investor’s Business Daily.
Analysts at Evercore ISI and Melius Research also raised their price targets for Apple stock on Monday to $290, per Investor’s Business Daily.
Key Takeaways
- Apple stock hit an intraday all-time high and a record close on Monday.
- The spike is attributed to strong demand for the new iPhone 17 series, which have significantly outperformed initial iPhone 16 sales, according to Counterpoint Research.
- Apple is at the “front end” of a “long-anticipated [iPhone] upgrade cycle” that will last through 2027, per analysts.
Apple stock reached an all-time high on Monday, hitting an intraday record of $264.38 and a record close of $262.24.
The stock price surpassed its previous all-time high of $260.10 in intraday trading set on December 26, 2024.
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