Data shows that Apple’s (AAPL) newest iPhone 17 continues to sell at a brisk pace.
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Analysts at Wall Street brokerage Bernstein say that iPhone sales worldwide increased 26% year-over-year in February. iPhone 17 sales were 20% higher compared to sales of the previous iPhone 16 model between September and January, adds Bernstein.
The base model iPhone 17 accounted for 39% of the February growth, while the iPhone 17 Pro Max line comprised 21% of the increased sales. Also positive is the fact that the average selling price of the iPhone 17 in February was up 7% year-over-year. So far, prices for the iPhone 17 have risen each month since the device launched last September.
iPhone Sales in China
Bernstein said that the market in China provided the biggest boost to average selling price of the iPhone 17, with year-over-year growth of 20%. Apple reported record iPhone revenue of $85.3 billion in its most recent financial results.
The record sales were well ahead of Wall Street estimates that called for $78.3 billion in iPhone sales. The company saw iPhone sales of $69.1 billion in the same period a year earlier. Bernstein said its latest sales data bodes well for Apple’s next financial results that are scheduled to be released on April 30.
Is AAPL Stock a Buy?
Apple stock has a consensus Moderate Buy rating among 24 Wall Street analysts. That rating is based on 14 Buy, nine Hold, and one Sell recommendations issued in the last three months. The average AAPL price target of $304.66 implies 22% upside from current levels.
