This article first appeared on GuruFocus.

Oct 21 – Apple climbed past Microsoft on Monday to become the world’s second-most-valuable company, as a surge in demand for its new iPhone 17 sent shares higher and lifted its market capitalization close to the $4 trillion milestone for the first time.

Shares climbed nearly 4% to $262.24, extending year-to-date gains to about 8%, as analysts from Loop Capital and Evercore ISI boosted their outlooks. Loop Capital raised its rating to Buy from Hold and lifted its price target to $315 from $226, while Evercore added Apple to its Tactical Outperform list with a $290 target.

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Counterpoint Research reported iPhone 17 sales outpacing the iPhone 16 by 14% in the first 10 days, driven by robust demand in the U.S. and China. The base model has been the strongest seller in China, while U.S. demand for the Pro Max surged amid carrier subsidies.

Apple will report quarterly results on Oct. 30, with analysts expecting $1.76 earnings per share on $101.7 billion in revenue.

Based on the one year price targets offered by 43 analysts, the average target price for Apple Inc is $250.36 with a high estimate of $315.00 and a low estimate of $175.00. The average target implies a downside of -4.53% from the current price of $262.24.

Based on GuruFocus estimates, the estimated GF Value for Apple Inc in one year is $225.88, suggesting a downside of -13.87% from the current price of $262.24. Gf value is Gurufocus’ estimate of the fair value that the stock should be traded at. It is calculated based on the historical multiples the stock has traded at previously, as well as past business growth and the future estimates of the business’ performance. For deeper insights, visit the forecast page.