The latest generation of the iPhone lineup, including iPhone 17, iPhone Air, iPhone 17 Pro and iPhone 17 Pro Max, launched in Apple Store locations worldwide as well as online and in the Apple Store app Friday (Sept. 19), according to a company announcement.
JPMorgan increased its price target for Apple from $255 to $280, maintained its Overweight rating, and raised its revenue and earnings per share estimates, with analysts saying that the early demand indications suggest sales volumes will track higher than their initial expectations, Seeking Alpha reported Friday.
“Led by the improved volume outlook, we are now forecasting iPhone volumes of 236 [million] in [fiscal year 2026], which will represent a modest +2% [year-over-year] increase, which when combined with mix tailwinds will, in our view, support mid- to high-single-digit iPhone revenue growth,” the JPMorgan analysts said, per the report.
The report also quoted Morgan Stanley saying Wednesday (Sept. 17) that “lead time analysis suggests that early demand for the iPhone 17 models is stronger than at the onset of the iPhone 16 cycle last year, a positive early indication that iPhone replacement cycles could be stabilizing and upgrade rates could be improving.”
The new iPhone lineup became available for preorders Sept. 12, and on that day, Chinese eCommerce platform JD.com saw more of the iPhone 17 sold in the first minute of preorder than it saw of the iPhone 16 on that device’s first full day, CNBC reported Friday. On Friday, JD.com saw four times more trade-in sales for the iPhone 17 than it saw during the same period last year.
Advertisement: Scroll to Continue
Global demand for the new iPhone has also been positive, Omdia Research Manager Le Xuan Chiew told CNBC, citing preorder times and consumer feedback. The iPhone 17 base model, especially, has outperformed expectations, according to the report.
It was reported in July that iPhone sales have remained a strength for Apple at a time when Wall Street has grown impatient with the pace of the company’s artificial intelligence efforts.
