Apple Back in the Wall Street Spotlight! iPhone 17 Sales Exceed Expectations, Fueling New Stock High

TradingKey – Several top-tier Wall Street institutions have recently resumed a bullish stance on Apple, while research firms report “reversal-style” strong sales data for the iPhone 17 series — propelling Apple’s stock to a new high of $259.87 per share, with its market capitalization reaching $3.85 trillion.

[Source: TradingKey]

Ananda Baruah, analyst at Loop Capital, upgraded Apple from “Neutral” to “Buy,” sharply raising his price target from $226 to $315. He noted that the robust sales of the iPhone 17 lineup are opening up “significant upside potential” for the iPhone business.

Another firm, Evercore ISI, has added Apple to its “Tactical Outperform List,” maintaining its “Outperform” rating with a price target of $290.

Meanwhile, research firm Counterpoint Research released data showing that in the first 10 days after launch, iPhone 17 series sales in both China and the U.S. were approximately 14% higher than those of the iPhone 16 series. The base-model iPhone 17 was the main growth driver, selling out nearly 33% faster than its predecessor. Performance in China stood out particularly: the iPhone Air sold out within minutes of going live.

Apple is scheduled to release its latest quarterly earnings after market close on October 30. Market expectations call for:

• EPS of $1.76
• Revenue of $101.71 billion

If actual results exceed these forecasts, it would further validate Apple’s investment thesis around smartphone recovery and ecosystem expansion.