Apple’s stock is giddier than an 11-year-old who just strong-armed their parents into buying them a smartphone. The iPhone maker hit a new all-time high yesterday after news of strong global demand for the iPhone 17 led another investment bank to give Apple’s stock two thumbs up.
Shares of Apple climbed nearly 4% to close at ~$262, surpassing the company’s previous all-time high of $259 from last December:
- Over the weekend, Counterpoint Research reported that the iPhone 17 lineup outsold the iPhone 16 lineup by 14% in the US and China during its first 10 days in each market.
- Yesterday, Loop Capital upgraded Apple from a “hold” to a “buy,” and pumped its price target from $226 to $315. The day before, Evercore ISI re-added $AAPL to its “Tactical Outperform List” after removing it in early 2024 over soft revenue projections.
This is a much-needed autumnal boost for Apple, which has had a bumpy year due to a muted reaction to the iPhone 16—largely because of delays to its AI features—and on-again, off-again tariff fears. Before yesterday, its stock was only up ~3% this year, making it the second-worst performer in the Magnificent Seven (after Amazon).
Still…some analysts aren’t sure Apple can maintain the iPhone 17’s initial sales surge. Based on usual purchase cycles, it may have simply been time for pandemic-era phone buyers to upgrade, Sherwood reported.—ML
This report was originally published by Morning Brew.