Shares of iPhone and iPad maker Apple (NASDAQ:AAPL) jumped 4.2% in the afternoon session after reports of strong early demand for its new iPhone 17 lineup prompted positive commentary and price target increases from multiple analysts.

The positive reception for the new phone appeared to spark a new upgrade cycle. Analysts noted that demand was tracking 10% to 15% ahead of the iPhone 16 from the previous year. This strong interest was reflected in shipping lead times, which grew longer than for the prior model, a key sign that demand was outpacing the initial supply. The trend was particularly strong in China.

In response to the robust sales signals, several investment banks grew more confident in the stock’s outlook. Wedbush, for instance, raised its price target to $310, with one of its analysts stating that Wall Street was “clearly underestimating this iPhone cycle.” Bank of America analysts also highlighted the extended shipping dates as a positive indicator for the company’s performance.

The shares closed the day at $256.16, up 4.4% from previous close.

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Apple’s shares are not very volatile and have only had 5 moves greater than 5% over the last year. In that context, today’s move indicates the market considers this news meaningful, although it might not be something that would fundamentally change its perception of the business.

The previous big move we wrote about was 3 days ago when the stock gained 3.3% on the news that the successful launch of its new iPhone 17 lineup prompted a significant price target increase from analysts at JPMorgan.

The latest generation of iPhones hit stores worldwide, reportedly drawing long lines and stronger-than-expected demand, particularly for the high-end Pro models. This strong consumer appetite caught Wall Street’s attention. In response, JPMorgan boosted its price target on Apple to $280 from $255, keeping its “Overweight” rating on the stock. The investment bank pointed to the robust early sales as a key reason for its optimism. Analysts at the firm now projected iPhone sales to reach 236 million units in fiscal year 2026, which they believed would fuel solid revenue growth for the tech giant.

Apple is up 5.1% since the beginning of the year, and at $256.28 per share, it is trading close to its 52-week high of $259.02 from December 2024. Investors who bought $1,000 worth of Apple’s shares 5 years ago would now be looking at an investment worth $2,292.

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