Apple’s shares climbed to a record high on Monday, closing at $262.24 following strong initial sales of the iPhone 17 in the United States and China.
According to data from Counterpoint Research, the latest iPhone model has surpassed the iPhone 16’s sales by 14% within the first ten days of availability in these critical markets, demonstrating robust consumer demand.
Mengmeng Zhang, a senior analyst at Counterpoint, explained the appeal: “The base model iPhone 17 is very compelling to consumers, offering great value for money. 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.”
This combination of enhanced features at the same price point has made the new device highly attractive.
Following these encouraging sales results, several financial firms have adjusted their outlook on Apple. Loop Capital recently upgraded its rating on the stock from hold to buy and increased its price target from $226 to $315 per share.
Ananda Baruah from Loop Capital noted, “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.”
Apple CEO Tim Cook recently visited China, meeting employees and government officials, and attended the launch of the iPhone Air. Reports from the South China Morning Post indicated that the iPhone Air sold out within minutes of its release, indicating strong demand in the Chinese market.
Evercore analyst Amit Daryanani stated in a recent note that this enthusiasm might bolster Apple’s share performance ahead of its forthcoming earnings report.
“We think AAPL is well positioned to report upside to Sep-qtr expectations later this month,” he wrote, reflecting confidence that Apple will exceed financial forecasts.
Despite some fluctuations earlier in the year, Apple’s share price has increased roughly 5% in 2025, underperforming compared with other technology giants such as Nvidia, Meta, Microsoft and Alphabet. However, it has posted a significant 24% rise over the past three months, reflecting renewed investor optimism linked to the latest product launches.