Citing Asia supply checks, the analyst said he expects production increases of roughly 20%
for base iPhone 17 and Pro models.
Apple stock rose nearly half a percentage point in the early premarket session on Monday, with retail traders’ attention turning toward the tech giant. The upward bounce has come despite the broader market and tech sector priming for a modestly negative opening.
On Stocktwits, retail sentiment toward the stock remained ‘bullish’ (64/100), but the message volume remained at ‘normal’ levels.
Wedbush analyst Daniel Ives raised the price target for the stock to $279 from $310 in a note released Sunday, implying over 26% upside from its Friday close. The analyst attributed the action to early strong demand signs for the Steve Jobs-led company’s newest iPhone 17 flagship product.
“With iPhone 17 officially going on sale over the weekend, we are positively surprised by the demand trajectory with units that now appear to be tracking 10%-15% ahead of iPhone 16 thus far,” Ives said.
Citing Asia supply checks, the analyst said he expects production increases of roughly 20% for base iPhone 17 and Pro models. “The new ‘iPhone Air could be the surprise’ of this Apple upgrade cycle, based on our numerous store checks over the weekend, speaking with Apple customers,” he added.
Based on shipping times, the analyst sees strong demand for the iPhone 17 Pro models, which is positive for the average selling price (ASP). The analyst estimates iPhone shipments of 240 million to 250 million units for the fiscal year 2026, ahead of the Street forecast of 230 million units. “The Street is clearly underestimating this iPhone cycle in our view, and it’s a Ryder Cup Bethpage moment for Cook and Cupertino after a few years of disappointing growth years,” he added.
Apple stock is down 1.62% year-to-date (YTD), underperforming the broader market and the tech sector. It is now the worst-performing “Magnificent Seven” stock this year.
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