Apple stock rose on Friday as the iPhone 17 went on sale in stores after a week of preorders. Analysts say early indications point to solid sales of Apple's newest smartphones.
JPMorgan analyst Samik Chatterjee on Friday reiterated his overweight, or buy, rating on Apple stock and raised his price target to 280 from 255.
On the stock market today, Apple stock climbed 3.2% to close at 245.50.
In a client note, Chatterjee increased his fiscal 2026 estimates for Apple to reflect "favorable demand indications" in the early iPhone 17 launch. Further, he expects the introduction of a foldable iPhone in fall 2026 to drive higher revenue and earnings in Apple's fiscal 2027. Apple's fiscal year begins in late September.
JPMorgan forecasts iPhone unit sales of 236 million in fiscal 2026, up 2% year over year. That should support mid- to high-single digit iPhone revenue growth, Chatterjee said.
Early demand for the iPhone 17 series handsets has been higher than expectations, especially for the premium Pro models, he said.
For the iPhone 18 series, including the folding-screen model, JPMorgan is currently predicting fiscal 2027 sales of 243 million units, up 3%. However, it sees average selling prices jumping 9% to $1,029 from $944 for the iPhone 17 series.
Apple stock is in a 38-week consolidation pattern with a buy point of 260.10, according to IBD MarketSurge charts. However, IBD analysis previously pointed to an early-entry buy point of 235.12.
Follow Patrick Seitz on X at @IBD_PSeitz for more stories on consumer technology, software and semiconductor stocks.
