Apple’s market value approached $4 trillion on Monday as renewed investor confidence and strong demand for the iPhone 17 boosted shares. The stock is up 8% year-to-date.
Analysts at Loop Capital and Evercore ISI praised Apple’s momentum. Loop Capital’s Ananda Baruah upgraded the stock to Buy from Hold and raised the price target to $315 from $226, while Evercore ISI added Apple to its Tactical Outperform List, reiterating a $290 target.
According to Counterpoint Research, the iPhone 17 series has outsold the iPhone 16 by 14% in its first 10 days across the U.S. and China, driven mainly by strong sales of the base model, up 33% over last year. In China, buyers favored the base version, while in the U.S., the iPhone 17 Pro Max led sales thanks to carrier subsidies.
The new iPhone Air has also outperformed the iPhone 16 Plus, reportedly selling out “within minutes” in China.
Apple, led by CEO Tim Cook, will report its next quarterly results on October 30, with analysts expecting $1.76 earnings per share on $101.71 billion in revenue.
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