Apple stock (AAPL) was moving higher Friday as JPMorgan (JPM) pointed to stronger-than-expected demand for the company’s latest iPhone lineup.
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The iPhone 17 officially went on sale September 19 after preorders opened a week earlier. Early checks from JPMorgan analyst Samik Chatterjee show average lead times have expanded by four days across the lineup. The iPhone 17 base model led the way, with wait times rising by seven days. The Air expanded by three days, the Pro by five days, and the Pro Max by two days.
Chatterjee told clients demand is “tracking higher relative to the iPhone 16 cycle,” with the standard models driving the most upside surprise.
Apple Stock Picks Up Momentum
Shares of Apple climbed 1.7% Friday to $240.68, heading toward their highest close since February. The move followed a modest 2.7% rise since the iPhone 17 was unveiled earlier this month. By comparison, the S&P 500 has gained 2.1% in the same period.
JPMorgan reiterated its Overweight rating on Apple stock and lifted its price target from $255 to $280. The firm expects iPhone volumes to reach 236 million in 2026, a 2% increase year over year. That growth should fuel mid- to high-single-digit gains in iPhone revenue.
“Early demand indications for the iPhone 17 series have surprised positively,” Chatterjee said.
Apple Could Deliver “Materially Higher Gross Profits”
The analyst also pointed to a stronger margin outlook in the years ahead. With tariff relief and steady demand, Apple could deliver “materially higher gross profits in the coming years.”
That optimism is tempered by expectations for higher operating expenses. Apple is investing heavily in its AI push, including a long-awaited enhanced Siri chatbot that has yet to receive a firm release date.
Still, Chatterjee believes momentum is building. A rumored foldable iPhone for late 2026 could accelerate growth even further, setting the stage for double-digit revenue gains by 2027.
Is Apple a Good Stock to Buy?
Turning to Wall Street, Apple’s shares currently have a Moderate Buy rating on TipRanks, based on 18 Buys, 14 Holds, and two Sells assigned by 34 Wall Street analysts over the last three months. The average 12-month AAPL price target of $249.34 indicates a 2.5% increase potential from the current level.
