Apple’s inventory is giddier than an 11-year-old who simply strong-armed their mother and father into shopping for them a smartphone. The iPhone maker hit a brand new all-time excessive yesterday after information of robust world demand for the iPhone 17 led one other funding financial institution to offer Apple’s inventory two thumbs up.
Shares of Apple climbed practically 4% to shut at ~$262, surpassing the corporate’s earlier all-time excessive of $259 from final December:
- Over the weekend, Counterpoint Analysis reported that the iPhone 17 lineup outsold the iPhone 16 lineup by 14% within the US and China throughout its first 10 days in every market.
- Yesterday, Loop Capital upgraded Apple from a “maintain” to a “purchase,” and pumped its worth goal from $226 to $315. The day earlier than, Evercore ISI re-added $AAPL to its “Tactical Outperform Listing” after eradicating it in early 2024 over gentle income projections.
It is a much-needed autumnal enhance for Apple, which has had a bumpy yr on account of a muted response to the iPhone 16—largely due to delays to its AI options—and on-again, off-again tariff fears. Earlier than yesterday, its inventory was solely up ~3% this yr, making it the second-worst performer within the Magnificent Seven (after Amazon).
Nonetheless…some analysts aren’t certain Apple can keep the iPhone 17’s preliminary gross sales surge. Primarily based on common buy cycles, it could have merely been time for pandemic-era telephone consumers to improve, Sherwood reported.—ML
This report was originally published by Morning Brew.
