Apple’s stock rose 4% on Oct. 20 to close at a record high of $262.24 U.S. following news that its iPhone 17 sales are off to a strong start.
The iPhone 17 series, which went on sale in September, has outsold the iPhone 16 series by 14% in the U.S. and China within its first 10 days of availability, according to Counterpoint research.
In addition to the positive sales data, Apple’s stock received an upgrade from investment bank Loop Capital, which said shares are likely to rally with demand for the new iPhone exceeding expectations.
Loop Capital upgraded Apple’s stock to buy from hold and raised its price target on the shares to $315 U.S. from $226 U.S. previously.
Media reports state that sales of the new iPhone Air smartphone are particularly strong in China, with the device selling out within minutes of going on sale.
Despite the new all-time high, Apple’s stock is only up 8% this year, trailing the 15% gain in the benchmark S&P 500 index.
Apple’s stock remains one of the worst performers among the Magnificent 7 group, trailing other mega-cap technology companies such as Nvidia (NVDA) and Meta Platforms (META).
Analysts say that AAPL stock is being held back by the lack of a robust and coherent artificial intelligence (A.I.) strategy.
