This article first appeared on GuruFocus.

Sep 23 – Apple (NASDAQ:AAPL) stock surged about 4% Monday after Wedbush Securities analyst Dan Ives raised his 12-month price target to $310 from $270, citing early strong demand signs for the iPhone 17, according to a Monday press release.

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Ives reported that iPhone 17 unit sales already track roughly 10% to 15%, with expectations for a 20% surge in production, ahead of the iPhone 16 cycle. He estimated Apple will sell 240 million to 250 million units in fiscal year 2026, up from the Street’s more conservative forecast of about 230 million units.

He also sees a large pool of users, an estimated 315 million devices globally, that haven’t been upgraded in four years, boosting potential for a strong upgrade cycle. The new target marks the highest among analysts surveyed by Bloomberg.

Shares of Apple climbed to approximately $256, registering their strongest move in some weeks. The rise reflects growing confidence that Apple can capitalize on both pent-up demand and design enhancements in iPhone 17.

Based on the one year price targets offered by 42 analysts, the average target price for Apple Inc is $243.48 with a high estimate of $305.00 and a low estimate of $175.00. The average target implies a downside of -4.92% from the current price of $256.08.

Based on GuruFocus estimates, the estimated GF Value for Apple Inc in one year is $224.17, suggesting a downside of -12.46% from the current price of $256.08