Apple Stock Gets an Upgrade. What the Numbers Say About iPhone 17 Sales.

Apple CEO Tim Cook presented the iPhone 17 at a launch in September. (Photo by Justin Sullivan/Getty Images)

Key Points

• iPhone 17 sales surpassed iPhone 16 sales by 14% in the first ten days across China and the U.S.
• Chinese consumers favored the base model iPhone 17, with unit sales nearly doubling compared with the iPhone 16.
• U.S. demand focused on the high-end Pro Max, boosted by carrier discounts from companies like Verizon and AT&T.

The numbers are in and Apple looks to have scored a hit with its iPhone 17 launch. Despite the lack of artificial-intelligence upgrades, the new device is winning over consumers and that’s making Wall Street analysts positive on the stock and resulted in an upgrade.

Analysts at Loop Capital raised their rating on Apple stock to Buy from Hold, raising their price target to $315 from $226 on expectations the company could set record shipments.

Loop’s Ananda Baruah estimates Apple could ship 238 million iPhones this year, just short of 2021’s 240 million record, and followed by shipping 250 million units in 2026 and 260 million in 2027.

Apple shares climbed 3.9% to a record high of $262.24 on Monday. They’re now up 22% over the past three months amid optimism about iPhone sales heading into the holiday season.

Sales of the iPhone 17 series have outstripped the iPhone 16 series by 14% during the first 10 days of availability in China and the U.S., according to Counterpoint Research data published Monday.

In the Chinese market, the focus is on the cheaper base model, where unit sales of the iPhone 17 nearly doubled compared with the iPhone 16.

“The base model iPhone 17 is very compelling to consumers, offering great value for money,” Counterpoint senior analyst Mengmeng Zhang wrote. “A better chip, improved display, higher base storage, selfie camera upgrade—all for the same price as last year’s iPhone 16…. Simply put, it provides extremely good value-for-money, and Chinese consumers are rewarding Apple for that.”

Meanwhile, in the U.S. the strongest demand has been for the high-end Pro Max. That looks to have been helped by discounts provided by network companies such as Verizon and AT&T .

“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.” wrote Counterpoint senior analyst Maurice Klaehne.

The optimism looks to be becoming widespread across Wall Street after a period where Apple was a divisive stock.

“We see shares getting a lift into 2026 and into a Siri/product event in the March 2026 time frame. Apple’s Siri update has been delayed but it’s about to get better with significant AI enhancements, transitioning from a basic voice assistant to a more intelligent, context-aware, and humanlike interface, aligning with Apple’s robotics and smart home ambitions,” wrote Melius Research analyst Ben Reitzes in a research note.

Reitzes has a Buy rating and $290 target price on Apple stock.

Write to Adam Clark at adam.clark@barrons.com