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On Monday, Apple Inc. (NASDAQ:AAPL) shares surged to a new all-time high after fresh data showed iPhone 17 outsold iPhone 16 by 14%, prompting Deepwater Asset Management's Gene Munster to predict stronger growth through 2026.
According to Counterpoint Research, Apple's iPhone 17 lineup outsold last year's iPhone 16 models by 14% across the U.S. and China during the first 10 days of launch.
The firm said the base model iPhone 17 nearly doubled sales in China and grew 31% across both markets.
Apple launched the iPhone 17 series globally in September.
Munster wrote on X, formerly Twitter, "Today $AAPL hit an all-time high following a Counterpoint Research note showing iPhone 17 sales up 14% vs. iPhone 16 in the first 10 days across China and the U.S."
He added that Wall Street is currently modeling 7% growth for the September quarter and 5% for fiscal 2026 — a target he believes Apple could beat.
"What's important is what happens to FY26 iPhone revenue. Street at 5%. Likely going to be 8% or better," Munster said.
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In another post, he noted Apple "still has room to move measurably higher," citing a strong iPhone 17 cycle, the upcoming AI-powered Siri launch in March and a foldable iPhone expected in fall 2026.
Loop Capital's Ananda Baruah upgraded Apple to Buy from Hold and raised the price target to $315 from $226, calling this the start of a multi-year iPhone expansion cycle.
Apple is set to release its fourth-quarter earnings after the market closes on Oct. 30. Analysts, according to Benzinga Pro estimates, anticipate the company will report earnings of $1.76 per share on revenue of $101.67 billion.
On Saturday, during an interview with China Daily, Apple CEO Tim Cook praised Chinese app developers for their substantial contribution to Apple's innovation ecosystem.
Cook's comments follow Apple's continued push to deepen its relationship with China. Earlier this month, during a visit to the country, he committed to boosting investments there — even as President Donald Trump's proposed tariffs pose potential challenges.
Price Action: Apple reached a 52-week high of $264.38 on Monday, ending the day at $262.24. The stock has gained 7.54% year-to-date, according to Benzinga Pro.
Benzinga's Edge Stock Rankings place Apple in the 74th percentile for Quality, underscoring its steady performance and competitive strength.
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
Photo by Azulblue via Shutterstock
Posted In: AAPL
