Apple Stock Rises as iPhone 17 Goes on Sale. Investors, Though, Await Something Else.

Apple’s iPhone 17 line was officially released on Sept. 19, one week after preorders began. (Getty Images)

Key Points

About This Summary

• Apple shares are rising as the newest iPhones become available in stores around the world.
• The release date for an enhanced Siri chatbot is still unclear, concerning some Apple investors.
• Apple stock has risen modestly since the iPhone 17 unveiling.

Apple stock was rising modestly Friday after the latest generation of iPhone devices became available at Apple Store locations worldwide.

Preorders for the smartphone range—which includes the sleeker iPhone 17 Air as well as the premium Pro and Pro Max models—began on Sept. 12. While new features including an updated lock screen and spam-call filtering are currently live along with the latest operating system, iOS 26, the most highly anticipated update is expected to arrive sometime next year.

Apple investors, in particular, have been waiting for clarity around the release of an enhanced Siri chatbot, which is seen as Apple’s bid to stay competitive in the AI race. The release date repeatedly has been pushed off, with CEO Tim Cook saying on the company’s earnings call in July that developers were “making good progress,” but declining to share details.

Shares were up 1.7% at $240.68 on Friday, heading for the highest close since Feb. 28, according to Dow Jones Market Data. The benchmark S&P 500 index was up 0.2%.

J.P. Morgan analysts led by Samik Chatterjee reiterated an Overweight rating on the stock while boosting their price target to $280 from $255.

“Early demand indications for the iPhone 17 series have surprised positively,” Chatterjee wrote. The analyst is guiding for volumes of 236 million in 2026, or a 2% increase year over year, which should support iPhone revenue growth in the mid- to high-single digits.

Apple is rumored to be taking a page out of Samsung’s book with the release of a foldable iPhone in late 2026. This should only fuel Apple’s momentum, culminating in low double-digit iPhone revenue growth in 2027, Chatterjee wrote.

Moving forward, gross margin progression against the backdrop of a more favorable tariff environment should contribute to “materially higher gross profits in the coming years,” the analyst added.

However, the magnitude of this upside is slightly offset by an expected increase in operating expenses, “as we envision the company to maintain a higher pace of expense growth to support progress in relation to its Apple Intelligence efforts,” Chatterjee wrote.

Since the iPhone 17 was unveiled on Sept. 9, the stock has gained 2.7%. The S&P 500, by comparison, has gained 2.1%.

Write to Mackenzie Tatananni at mackenzie.tatananni@barrons.com