Apple’s (AAPL) new iPhone 17 is selling like hot cakes in India.
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Data from Counterpoint Research shows that the iPhone 17 smartphone is experiencing stronger sales and launch momentum than its predecessors in India, which has now become the third-largest iPhone market worldwide for Apple behind the U.S. and China.
The strong iPhone 17 sales have given a boost to Apple’s share of the smartphone market in India, vaulting the company into the top five smartphone brands in the country, according to Counterpoint Research, which tracks the global phone industry.
China Strong Too
Counterpoint also reports that iPhone 17 sales in China are outperforming previous models of the device, with the base model iPhone 17 proving to be particularly popular with Chinese consumers. The iPhone 17’s strong initial sales are good news for Apple heading into the year-end holiday shopping season.
News that the iPhone 17 is outselling previous models of the smartphone has helped to improve investor sentiment towards Apple and given its stock a boost. AAPL shares are up 37% over the last six months. The strong sales have some analysts saying that the iPhone 17 could be the start of a super cycle for Apple as consumers worldwide upgrade their older phone models.
Is AAPL Stock a Buy?
The stock of Apple has a consensus Moderate Buy rating among 35 Wall Street analysts. That rating is based on 21 Buy, 12 Hold, and two Sell recommendations issued in the last three months. The average AAPL price target of $287.14 implies 5.56% upside from current levels.
