Wedbush Reiterates Outperform on Apple (AAPL) with $310 Target Ahead of Earnings

Core Viewpoint - Apple Inc. is experiencing strong momentum with its iPhone 17 series, leading to expectations of exceeding Wall Street's revenue estimates for the upcoming earnings report [1][2][4]. Group 1: Stock Performance and Ratings - Wedbush has reiterated an Outperform rating on Apple with a price target of $310 ahead of the earnings report due on October 30 [1]. - The firm anticipates that Apple will surpass the revenue estimate of approximately $102 billion, driven by the strong performance of the iPhone 17 lineup and double-digit growth in its services segment [2][4]. Group 2: iPhone 17 Series Performance - Sales data indicates that the iPhone 17 series is outperforming its predecessor in both the U.S. and Chinese markets, attributed to improved design features, better displays, expanded storage options, and the new A19 chip [3][4]. - The iPhone 17 cycle is expected to be stronger than previous models, with significant consumer demand for upgrades, particularly for the iPhone Pro Max in the U.S. market [4]. Group 3: Market Demand and Consumer Behavior - There is a notable pent-up demand among consumers, with estimates suggesting that 315 million of the 1.5 billion iPhones globally have not been upgraded in the last four years [4]. - The recently launched iPhone Air has seen strong demand, selling out quickly in multiple cities in China, indicating its popularity despite increased competition [4].