Apple’s stock jumped 4% on Monday after a new report showed that its latest iPhone 17 is off to a flying start, with strong sales in both the U.S. and China.
According to the research firm Counterpoint, sales of the new iPhone 17, which launched in September, have already outpaced last year’s iPhone 16 by a solid 14% in its first 10 days on the market.
The report highlights the base model iPhone 17 as a particularly big hit with consumers. “The base model iPhone 17 is very compelling to consumers, offering great value for money,” said one analyst. The new phone comes with a better chip, an improved screen, more storage, and an upgraded selfie camera, all for the same price as last year’s model. “Buying this device is a no-brainer,” the analyst added.
The strong sales numbers have Wall Street feeling bullish. The investment bank Loop Capital upgraded Apple’s stock from “hold” to “buy” and significantly raised its price target. The bank’s analysts believe that while Wall Street was expecting the iPhone 17 to do well, there’s still “material upside” to the company’s performance over the next few years.
After a bit of a slow year, it seems Apple has another hit on its hands, and the strong early demand for the iPhone 17 is giving investors a new reason to be excited about the tech giant’s future.
