Wall Street analysts update Apple stock price after impressive iPhone 17 data

Core Insights - Apple shares reached record highs, approaching a $4 trillion market capitalization, driven by increased demand for the iPhone 17 lineup [1][3] - The iPhone 17 series outperformed the iPhone 16 by 14% in early sales in China and the U.S., with strong demand for the iPhone 17 Pro Max and iPhone Air [3][4] Sales Performance - The iPhone 17 series saw significant early sales success, particularly in major Chinese cities where the iPhone Air sold out quickly [3][4] - Analysts noted that approximately 315 million of Apple's 1.5 billion global iPhone users have not upgraded in the past four years, indicating potential for continued growth [6] Analyst Ratings and Projections - Loop Capital upgraded Apple to 'Buy' from 'Hold' and raised its price target to $315, citing a "multi-year upgrade cycle" expected to last through 2027 [4] - Wedbush Securities maintained an 'Outperform' rating with a $310 price target, anticipating that Apple will exceed expectations in both iPhone and Services revenue this quarter [5] Mixed Analyst Sentiment - Some analysts expressed caution, with Phillip Securities downgrading Apple to 'Reduce' with a $200 target, and Jefferies maintaining an 'Underperform' rating due to concerns over iPhone 17 sales momentum [7] - Despite mixed views, overall market sentiment remains positive, highlighting Apple's strength and integration of artificial intelligence in its products [8]