TLDR
- Wedbush raised Apple price target from $270 to $310 based on strong iPhone 17 early sales
- iPhone 17 units outpacing iPhone 16 by 10-15% in initial demand tracking
- Production increases of 20% planned for base and Pro iPhone 17 models
- 315 million iPhone users represent pent-up upgrade demand after four-year cycle
- Wall Street fiscal 2026 estimates may be conservative at 230 million units
Apple stock received a price target boost from Wedbush analyst Daniel Ives, who raised his target to $310 from $270 while maintaining a Buy rating. The upgrade follows stronger-than-expected iPhone 17 demand data.
Ives expressed surprise at the iPhone 17’s performance trajectory. Early sales tracking shows iPhone 17 units running 10% to 15% ahead of iPhone 16 numbers.
The analyst’s confidence stems from Asian supply chain checks. These indicate Apple plans to increase production by approximately 20% for both standard iPhone 17 and Pro variants.
Weekend store analysis revealed particularly strong iPhone 17 Pro model demand. Shipping time data supports this trend across retail locations.
The new iPhone Air emerged as a potential standout product. Store checks suggest this thinner model could drive unexpected sales growth.
Strong Upgrade Cycle Fundamentals
Apple benefits from substantial pent-up consumer demand. An estimated 315 million iPhone users haven’t upgraded their devices in four years.
This creates a large addressable market for the iPhone 17 cycle. Combined with design improvements, these factors support stronger sales projections.
Apple responded quickly to demand signals. The company instructed suppliers to boost daily iPhone 17 production by at least 30%.
JPMorgan also increased its Apple price target to $280. The firm projects 2% year-over-year iPhone volume growth for fiscal 2026.
Conservative Wall Street Projections
Ives believes current Street estimates underestimate iPhone potential. Wall Street’s fiscal 2026 forecast of 230 million iPhone units appears low.
The analyst sees actual figures reaching 240 million to 250 million units. This would represent upside to consensus expectations.
Ives called this Apple’s opportunity moment after several disappointing growth periods. The iPhone 17 cycle could mark a turning point for the company.
Market Response and Outlook
Wall Street maintains a Moderate Buy rating on Apple stock. Analyst recommendations include 17 Buys, 14 Holds, and two Sell ratings.
The average price target sits at $248.74, indicating modest upside potential. Apple shares remain down approximately 3% year-to-date.
UBS took a more cautious approach with a $220 target and Neutral rating. The firm noted mixed iPhone 17 preorder signals in their analysis.
Wedbush’s supply chain intelligence suggests production ramps will exceed initial planning by roughly 20% for iPhone 17 and Pro models based on current demand patterns.
