Apple stock rallies following strong iPhone 17 sales in U.S. and China

Apple's stock experienced a nearly 3% increase on Monday, fueled by reports of robust sales for the iPhone 17 in both the U.S. and China. Launched in September, the iPhone 17 series has outperformed its predecessor, the iPhone 16 series, by 14% in these markets within just the first 10 days of its release, as detailed in a report from Counterpoint Research. According to Mengmeng Zhang, a senior analyst at Counterpoint, the base model of the iPhone 17 presents an attractive option for consumers, delivering exceptional value. "With a better chip, enhanced display, increased base storage, and an upgraded selfie camera—all at the same price point as last year's iPhone 16—this purchase becomes an obvious choice, especially with various discounts and promotions available," Zhang noted. Bloomberg was the first to disclose these promising sales figures. Analysts from Loop Capital are optimistic about the company's trajectory, predicting that demand for the latest iPhone generation will surpass expectations. They upgraded Apple's stock rating from hold to buy, increasing their price target from $226 to $315 per share. Ananda Baruah of Loop Capital remarked, "While the market has already accounted for some level of outperformance from the iPhone 17 lineup, we believe there is significant potential for further upside beyond current expectations through the end of 2027."