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Apple (AAPL) stock gained ground Friday as the company’s latest generation of iPhones officially hit store shelves worldwide, with early demand indicators suggesting stronger-than-expected consumer appetite.

iPhone 17 launch and market response

The new lineup — which includes the slimmed-down iPhone 17 Air alongside the premium Pro and Pro Max models — became available at Apple Stores across the globe following preorders that opened Sept. 12.

Apple shares rose 2.2% to $243 on Friday, putting them on pace for their highest close since Feb. 28, according to Dow Jones Market Data.

Since the unveiling of the iPhone 17 on Sept. 9, the stock has advanced 1.5%, modestly trailing the S&P 500’s 1.8% gain over the same period.

The new devices ship with iOS 26, which introduces features such as an updated lock screen and spam-call filtering.

However, the most closely watched update remains the enhanced Siri chatbot — viewed as Apple’s key entry into the AI race.

That release has been delayed multiple times, with CEO Tim Cook saying in July that developers were “making good progress” but declining to commit to a timeline.

Analyst upgrades and forecast revisions

J.P. Morgan on Friday raised its price target on Apple shares to $280 from $255 and reiterated an Overweight rating, citing robust early demand indicators.

The firm’s analysts, led by Samik Chatterjee, noted that iPhone 17 demand appeared stronger than initial expectations, particularly given concerns of a slowdown following the iPhone 16 cycle.

J.P. Morgan now forecasts iPhone shipments of 236 million units in fiscal 2026, representing a 2% year-over-year increase.

Coupled with favorable product mix dynamics, analysts expect mid- to high-single-digit revenue growth in the iPhone segment.

The firm raised its iPhone revenue estimate for fiscal 2026 to $223 billion from $200 billion, and for fiscal 2027 to $250 billion from $212 billion.

The investment bank also increased its adjusted earnings-per-share forecasts, projecting $8.20 in fiscal 2026 versus $7.55 previously, and $9.50 in fiscal 2027 compared with $8.45 earlier.

Looking ahead, J.P. Morgan expects excitement to shift toward Apple’s anticipated foldable iPhone, slated to deliver a significant form-factor redesign.

The firm also highlighted changes in Apple’s product roadmap, with high-end iPhone 18 models planned for a fall 2026 release and base models scheduled for mid-2027.

Broader analyst consensus

Apple continues to receive broad analyst attention.

According to data compiled from 42 analysts, the average one-year price target stands at $243.48, with estimates ranging from $175 to $305.

The average target implies a modest 0.9% upside from Apple’s current share price.

Morgan Stanley also weighed in earlier this week, noting that lead-time analysis suggested stronger initial demand for the iPhone 17 compared with the iPhone 16 cycle. The firm said this could be an encouraging sign that replacement cycles are stabilizing and upgrade rates may be improving.

With iPhone 17 models now in consumers’ hands and analysts revising forecasts upward, investor focus remains on Apple’s ability to sustain momentum in smartphone demand while preparing for its next wave of innovation.

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