TLDR
- Wedbush analyst Daniel Ives raised Apple’s price target to $310 from $270, maintaining a Buy rating
- iPhone 17 units are tracking 10-15% ahead of iPhone 16 sales based on early demand data
- Apple may increase production of base iPhone 17 and Pro models by approximately 20% due to strong Asian supply checks
- Strong demand attributed to 315 million iPhone users who haven’t upgraded in four years plus design enhancements
- Wall Street’s fiscal 2026 estimate of 230 million iPhone units may be conservative, with actual figures potentially reaching 240-250 million
Wedbush analyst Daniel Ives lifted his price target for Apple stock to $310 from $270 while maintaining a Buy rating. The move comes after strong early demand signals for the iPhone 17 cycle surprised the analyst.
Ives said he was “positively surprised” by the iPhone 17’s demand trajectory. Early sales data shows iPhone 17 units tracking 10% to 15% ahead of iPhone 16 performance so far.
The analyst’s optimism stems from supply checks conducted in Asia. These checks suggest Apple will ramp production by about 20% for both base iPhone 17 and Pro models.
I finally received my new iPhone 17 Pro Max 512GB pic.twitter.com/WQgd6BJGRE
— Files (@xfilesboy) September 20, 2025
Store checks conducted over the weekend revealed particularly strong performance. The iPhone 17 Pro models showed especially robust demand based on shipping time analysis.
Ives highlighted the new iPhone Air as a potential “surprise” of this upgrade cycle. Weekend store checks supported this assessment of the thinner model’s appeal.
The analyst had initially expected the iPhone 17 cycle to be “good” but not “great.” However, the demand backdrop now looks more upbeat than anticipated.
Pent-Up Demand Drives Sales
The strong performance comes from a combination of factors. An estimated 315 million of 1.5 billion global iPhone users haven’t upgraded their devices in four years.
This pent-up consumer upgrade cycle creates a large pool of potential buyers. Design changes and enhancements in the iPhone 17 lineup add to the appeal.
Apple has already responded to the strong demand. The company instructed suppliers to increase daily production of entry-level iPhone 17 models by at least 30%.
JPMorgan also raised its Apple price target to $280. The firm cited strong iPhone 17 series demand and projected a 2% year-over-year increase in iPhone volumes for fiscal 2026.
Conservative Wall Street Estimates
Ives believes Wall Street’s fiscal 2026 estimate of 230 million iPhone units appears conservative. The actual figure could reach between 240 million and 250 million units at the current pace.
The analyst contends the Street is underestimating the iPhone cycle. He called it a “Ryder Cup Bethpage moment for Cook and Cupertino after a few years of disappointing growth years.”
UBS maintained a more cautious stance with a $220 price target and Neutral rating. The firm noted mixed demand for the iPhone 17 lineup based on preorder data.
Currently, Wall Street maintains a Moderate Buy consensus rating on Apple stock. This rating is based on 17 Buy recommendations, 14 Holds, and two Sell ratings.
The average price target of $248.74 indicates modest 1.3% upside potential from current levels. Apple stock is down about 3% year-to-date despite the recent positive developments.
Wedbush’s supply checks in Asia indicate production ramps may exceed initial expectations by approximately 20% for iPhone 17 and Pro models.
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